Leisure Capital Management Has $820,000 Holdings in Bank of America Co. (NYSE:BAC)

Leisure Capital Management lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 2.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 20,668 shares of the financial services provider’s stock after purchasing an additional 464 shares during the quarter. Leisure Capital Management’s holdings in Bank of America were worth $820,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Delos Wealth Advisors LLC increased its holdings in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares in the last quarter. Fairway Wealth LLC acquired a new stake in Bank of America in the second quarter valued at $27,000. POM Investment Strategies LLC increased its holdings in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the period. Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the second quarter valued at $30,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America in the first quarter valued at $33,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $42.41, for a total value of $269,261,980.61. Following the completion of the transaction, the insider now directly owns 992,612,058 shares of the company’s stock, valued at $42,096,677,379.78. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of Bank of America stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $42.41, for a total transaction of $269,261,980.61. Following the completion of the sale, the insider now directly owns 992,612,058 shares of the company’s stock, valued at approximately $42,096,677,379.78. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was 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 $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 148,230,389 shares of company stock worth $6,023,064,684. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Up 1.5 %

NYSE:BAC traded up $0.64 on Wednesday, hitting $42.78. The stock had a trading volume of 10,605,388 shares, compared to its average volume of 38,782,805. 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 stock has a market cap of $334.56 billion, a P/E ratio of 14.78, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The firm’s fifty day simple moving average is $39.62 and its two-hundred day simple moving average is $39.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (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 company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter last year, the business posted $0.90 EPS. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. Analysts predict that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America announced that its board has approved a stock repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.43%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6th. Bank of America’s payout ratio is currently 35.99%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BAC. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. BMO Capital Markets increased their price objective on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, September 3rd. Finally, Evercore ISI increased their price target on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $42.47.

Bank of America Company 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.