Aviso Wealth Management Has $944,000 Stock Position in Bank of America Co. (NYSE:BAC)

Aviso Wealth Management reduced its position in shares of Bank of America Co. (NYSE:BAC) by 4.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,782 shares of the financial services provider’s stock after selling 1,226 shares during the period. Aviso Wealth Management’s holdings in Bank of America were worth $944,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Summit Global Investments boosted its holdings in shares of Bank of America by 237.6% during the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after buying an additional 36,089 shares during the period. Accent Capital Management LLC boosted its holdings in shares of Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after buying an additional 11,873 shares during the period. Baker Avenue Asset Management LP boosted its holdings in shares of Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after buying an additional 33,983 shares during the period. Citizens Financial Group Inc. RI boosted its holdings in shares of Bank of America by 27.1% during the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after buying an additional 20,916 shares during the period. Finally, SteelPeak Wealth LLC boosted its holdings in shares of Bank of America by 37.7% during the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after buying an additional 14,901 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Up 1.9 %

BAC opened at $46.75 on Monday. The stock has a market capitalization of $358.71 billion, a PE ratio of 17.00, a PEG ratio of 1.58 and a beta of 1.32. 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 1-year low of $29.22 and a 1-year high of $46.84. The firm has a 50-day moving average price of $41.49 and a two-hundred day moving average price of $40.37.

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

Bank of America declared that its Board of Directors has authorized a share buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insider Buying and Selling

In related news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred 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 transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of Bank of America stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $39.87, for a total transaction of $437,573,568.96. Following the transaction, the insider now directly owns 910,731,659 shares in the company, valued at $36,310,871,244.33. The trade was a 1.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 102,848,970 shares of company stock valued at $4,145,103,288 in the last 90 days. 0.29% of the stock is owned by insiders.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Morgan Stanley increased their price target on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a 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 target for the company in a report on Tuesday, September 3rd. Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $44.26.

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.