Executive Wealth Management LLC Takes $399,000 Position in Bank of America Co. (NYSE:BAC)

Executive Wealth Management LLC bought a new position in Bank of America Co. (NYSE:BAC) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 10,056 shares of the financial services provider’s stock, valued at approximately $399,000.

Several other large investors have also added to or reduced their stakes in the business. Legal & General Group Plc raised its stake in shares of Bank of America by 1.6% in the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after purchasing an additional 895,884 shares during the last quarter. Fisher Asset Management LLC grew 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 worth $1,794,164,000 after buying an additional 1,731,003 shares in the last quarter. Sanders Capital LLC raised its position in Bank of America by 2.8% in the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after buying an additional 601,211 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its stake in Bank of America by 0.4% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after acquiring an additional 59,853 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its holdings in Bank of America by 23.6% during the 2nd quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock worth $646,693,000 after acquiring an additional 3,109,197 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on BAC. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a report on Friday, October 18th. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $48.00 to $55.00 in a research report on Monday. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Evercore ISI upped their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $54.00 in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.92.

Bank of America Stock Down 0.3 %

BAC opened at $45.77 on Wednesday. Bank of America Co. has a 12 month low of $30.45 and a 12 month high of $48.08. The company has a market cap of $351.19 billion, a PE ratio of 16.64, a price-to-earnings-growth ratio of 1.58 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a 50 day moving average of $43.87 and a 200 day moving average of $41.33.

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

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now owns 835,908,435 shares of the company’s stock, valued at approximately $34,088,345,979.30. This represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders have sold 55,223,897 shares of company stock valued at $2,232,505,985. 0.29% of the stock is currently owned by corporate insiders.

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.