One Wealth Advisors LLC Purchases 586 Shares of Bank of America Co. (NYSE:BAC)

by · The Cerbat Gem

One Wealth Advisors LLC raised its position in shares of Bank of America Co. (NYSE:BAC – Free Report) by 6.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,908 shares of the financial services provider’s stock after purchasing an additional 586 shares during the period. One Wealth Advisors LLC’s holdings in Bank of America were worth $393,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Confluence Investment Management LLC bought a new position in shares of Bank of America during the first quarter valued at approximately $409,000. Ferguson Wellman Capital Management Inc. boosted its position in Bank of America by 11.6% during the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 15,089 shares of the financial services provider’s stock valued at $572,000 after acquiring an additional 1,565 shares in the last quarter. Foster Group Inc. increased its holdings in shares of Bank of America by 19.4% in the 1st quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock valued at $340,000 after acquiring an additional 1,457 shares during the period. Collective Family Office LLC raised its position in shares of Bank of America by 22.2% in the 1st quarter. Collective Family Office LLC now owns 7,967 shares of the financial services provider’s stock worth $302,000 after acquiring an additional 1,445 shares in the last quarter. Finally, Perpetual Ltd lifted its stake in shares of Bank of America by 30.0% during the 1st quarter. Perpetual Ltd now owns 86,676 shares of the financial services provider’s stock worth $3,287,000 after purchasing an additional 20,021 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on BAC shares. Cfra reiterated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday. Morgan Stanley raised their target price on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, Evercore ISI raised their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $42.62.

Read Our Latest Stock Report on BAC

Bank of America Price Performance

Shares of Bank of America stock traded up $0.02 during trading on Thursday, reaching $42.82. The company’s stock had a trading volume of 7,179,157 shares, compared to its average volume of 38,775,691. The business has a 50 day moving average price of $39.72 and a 200-day moving average price of $39.35. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $334.87 billion, a P/E ratio of 14.81, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44.

Bank of America (NYSE:BAC – Get Free Report) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the previous year, the company earned $0.90 EPS. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.43%. Bank of America’s payout ratio is currently 35.99%.

Bank of America announced that its board has authorized a share repurchase plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total value of $160,649,311.50. Following the completion of the sale, the insider now directly owns 776,614,511 shares in the company, valued at approximately $31,173,306,471.54. The trade was a 0.00 % 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 related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of Bank of America stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $40.14, for a total value of $160,649,311.50. Following the transaction, the insider now owns 776,614,511 shares of the company’s stock, valued at $31,173,306,471.54. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 148,230,389 shares of company stock valued at $6,023,064,684 over the last ninety days. Insiders own 0.29% of the company’s stock.

Bank of America Company Profile

(Free Report)

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.

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