Bank of America Co. (NYSE:BAC) Shares Bought by Davis R M Inc.

Davis R M Inc. grew its holdings in Bank of America Co. (NYSE:BAC) by 7.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 502,726 shares of the financial services provider’s stock after buying an additional 32,999 shares during the quarter. Davis R M Inc.’s holdings in Bank of America were worth $19,948,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Quent Capital LLC grew its position in Bank of America by 3.6% during the first quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after buying an additional 1,037 shares during the period. Mount Yale Investment Advisors LLC acquired a new position in Bank of America during the first quarter worth $237,000. Industrial Alliance Investment Management Inc. boosted its position in Bank of America by 3.0% during the first quarter. Industrial Alliance Investment Management Inc. now owns 19,150 shares of the financial services provider’s stock worth $726,000 after purchasing an additional 560 shares in the last quarter. Icon Wealth Advisors LLC grew its holdings in Bank of America by 13.1% in the first quarter. Icon Wealth Advisors LLC now owns 161,626 shares of the financial services provider’s stock valued at $6,129,000 after purchasing an additional 18,777 shares during the last quarter. Finally, Sweeney & Michel LLC purchased a new position in shares of Bank of America in the first quarter valued at $1,368,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on BAC shares. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. Keefe, Bruyette & Woods raised 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, October 16th. Morgan Stanley lifted their price objective on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Finally, Evercore ISI boosted their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America Stock Performance

Shares of BAC stock opened at $47.00 on Monday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $360.63 billion, a price-to-earnings ratio of 17.09, a price-to-earnings-growth ratio of 1.59 and a beta of 1.32. Bank of America Co. has a one year low of $29.32 and a one year high of $47.22. The company has a 50 day moving average price of $42.24 and a 200 day moving average price of $40.69.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the firm posted $0.90 EPS. The business’s revenue for the quarter was up .4% on a year-over-year basis. Sell-side analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Insider Activity at Bank of America

In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 48.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 7,081,075 shares of the business’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $39.95, for a total transaction of $282,888,946.25. Following the completion of the transaction, the insider now owns 896,719,301 shares in the company, valued at $35,823,936,074.95. This represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 85,119,690 shares of company stock worth $3,438,777,236. 0.29% of the stock is currently owned by company insiders.

Bank of America 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.