FSA Wealth Management LLC Acquires New Shares in Bank of America Co. (NYSE:BAC)

FSA Wealth Management LLC bought a new position in Bank of America Co. (NYSE:BAC) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 4,107 shares of the financial services provider’s stock, valued at approximately $163,000.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Boston Common Asset Management LLC acquired a new position in shares of Bank of America during the second quarter worth approximately $2,373,000. Quent Capital LLC boosted its position in Bank of America by 3.3% during the 2nd quarter. Quent Capital LLC now owns 30,734 shares of the financial services provider’s stock worth $1,222,000 after acquiring an additional 974 shares during the period. Trust Co. of Toledo NA OH boosted its position in Bank of America by 2.4% during the 2nd quarter. Trust Co. of Toledo NA OH now owns 12,871 shares of the financial services provider’s stock worth $512,000 after acquiring an additional 304 shares during the period. Great Waters Wealth Management bought a new stake in shares of Bank of America during the second quarter valued at about $214,000. Finally, Mather Group LLC. lifted its holdings in Bank of America by 30.7% in the second quarter. Mather Group LLC. now owns 43,310 shares of the financial services provider’s stock worth $1,642,000 after purchasing an additional 10,182 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on BAC shares. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Oppenheimer increased their price target on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Morgan Stanley upped their price objective on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $44.26.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 70,007,916 shares of company stock worth $2,829,836,123. 0.29% of the stock is owned by corporate insiders.

Bank of America Price Performance

NYSE BAC opened at $47.51 on Friday. The company has a 50 day simple moving average of $43.02 and a 200-day simple moving average of $41.00. Bank of America Co. has a 52-week low of $30.04 and a 52-week high of $48.08. The firm has a market capitalization of $364.54 billion, a price-to-earnings ratio of 17.28, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. Equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.