World Investment Advisors LLC Has $4.64 Million Stake in Bank of America Co. (NYSE:BAC)

World Investment Advisors LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 86.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 116,951 shares of the financial services provider’s stock after purchasing an additional 54,302 shares during the period. World Investment Advisors LLC’s holdings in Bank of America were worth $4,641,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Fairway Wealth LLC bought a new stake in shares of Bank of America during the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC raised its position in Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the last quarter. Kennebec Savings Bank bought a new stake in Bank of America in the third quarter valued at approximately $29,000. Christopher J. Hasenberg Inc boosted its stake in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America during the 3rd quarter worth about $45,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.08 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12 month low of $30.63 and a 12 month high of $48.08. The firm has a market capitalization of $353.57 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 1.56 and a beta of 1.33. The business has a 50-day moving average of $44.27 and a 200-day moving average of $41.43.

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

Bank of America Announces Dividend

The business also recently disclosed 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 is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.26%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Evercore ISI boosted their target price on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, September 3rd. Morgan Stanley lowered Bank of America from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $48.00 to $55.00 in a report on Monday. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Finally, Wells Fargo & Company boosted their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $45.92.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 55,223,897 shares of company stock worth $2,232,505,985 in the last ninety days. 0.29% of the stock is owned by 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.