Brighton Jones LLC Has $3.42 Million Stake in Bank of America Co. (NYSE:BAC)

Brighton Jones LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 2.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 90,305 shares of the financial services provider’s stock after selling 1,990 shares during the period. Brighton Jones LLC’s holdings in Bank of America were worth $3,424,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in BAC. Ethos Financial Group LLC grew its stake in shares of Bank of America by 6.2% in the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after acquiring an additional 492 shares during the last quarter. Auxano Advisors LLC raised its position in shares of Bank of America by 234.5% during the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after buying an additional 19,179 shares during the last quarter. Kingswood Wealth Advisors LLC lifted its stake in shares of Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after buying an additional 46,950 shares during the period. DiNuzzo Private Wealth Inc. bought a new stake in shares of Bank of America in the fourth quarter valued at about $105,000. Finally, Concord Wealth Partners grew its position in Bank of America by 10.2% during the fourth quarter. Concord Wealth Partners now owns 55,259 shares of the financial services provider’s stock worth $1,861,000 after buying an additional 5,103 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 24,984,363 shares of company stock valued at $1,089,448,152 in the last three months. 0.29% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently commented on BAC. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $48.00 price objective (up from $46.00) on shares of Bank of America in a report on Wednesday. Royal Bank of Canada lifted their price objective on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday. Morgan Stanley raised their target price on Bank of America from $44.00 to $46.00 and gave the stock an “overweight” rating in a research report on Wednesday. HSBC restated a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Finally, Oppenheimer lifted their target price on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.92.

Bank of America Stock Down 0.3 %

BAC traded down $0.11 during trading hours on Friday, hitting $42.90. 42,721,327 shares of the company’s stock were exchanged, compared to its average volume of 38,826,391. The stock’s 50-day moving average is $40.12 and its two-hundred day moving average is $36.94. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The stock has a market cap of $335.49 billion, a price-to-earnings ratio of 14.84, a PEG ratio of 1.67 and a beta of 1.35.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same period last year, the business earned $0.88 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. Sell-side analysts predict that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

About Bank of America

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.