Harbour Capital Advisors LLC Increases Position in Bank of America Co. (NYSE:BAC)

Harbour Capital Advisors LLC boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 75,417 shares of the financial services provider’s stock after purchasing an additional 715 shares during the quarter. Harbour Capital Advisors LLC’s holdings in Bank of America were worth $3,379,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of BAC. Geode Capital Management LLC lifted its position in shares of Bank of America by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after buying an additional 1,700,141 shares in the last quarter. Legal & General Group Plc lifted its holdings in Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after purchasing an additional 895,884 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Bank of America by 4.0% during the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after purchasing an additional 1,731,003 shares in the last quarter. Sanders Capital LLC grew its position in shares of Bank of America by 2.8% in the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after purchasing an additional 601,211 shares during the period. Finally, Diamond Hill Capital Management Inc. increased its stake in shares of Bank of America by 0.4% during the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after purchasing an additional 59,853 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.3 %

Shares of BAC stock traded down $0.12 during mid-day trading on Monday, reaching $44.99. The company’s stock had a trading volume of 19,588,721 shares, compared to its average volume of 31,331,000. Bank of America Co. has a 12-month low of $31.27 and a 12-month high of $48.08. The company’s 50 day simple moving average is $45.53 and its 200-day simple moving average is $42.22. 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 firm has a market capitalization of $345.20 billion, a PE ratio of 16.36, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33.

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

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were given a dividend of $0.26 per share. The ex-dividend date was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction dated Tuesday, October 15th. The stock was 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 of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.29% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

BAC has been the topic of several research analyst reports. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Oppenheimer dropped their price target on Bank of America from $57.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Finally, Evercore ISI boosted their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

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.