Arkadios Wealth Advisors Boosts Stake in Bank of America Co. (NYSE:BAC)

Arkadios Wealth Advisors raised its holdings in Bank of America Co. (NYSE:BAC – Get Rating) by 34.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,740 shares of the financial services provider’s stock after purchasing an additional 10,004 shares during the quarter. Arkadios Wealth Advisors’ holdings in Bank of America were worth $1,283,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Avondale Wealth Management purchased a new stake in shares of Bank of America in the 3rd quarter valued at $30,000. WD Rutherford LLC purchased a new stake in shares of Bank of America in the 3rd quarter valued at $33,000. Ten Capital Wealth Advisors LLC raised its holdings in shares of Bank of America by 1,491.8% in the 3rd quarter. Ten Capital Wealth Advisors LLC now owns 1,162 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,089 shares during the period. Capital Advisors Ltd. LLC raised its holdings in shares of Bank of America by 35.1% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 1,500 shares of the financial services provider’s stock valued at $45,000 after buying an additional 390 shares during the period. Finally, Moisand Fitzgerald Tamayo LLC raised its holdings in shares of Bank of America by 58.0% in the 3rd quarter. Moisand Fitzgerald Tamayo LLC now owns 1,593 shares of the financial services provider’s stock valued at $48,000 after buying an additional 585 shares during the period. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Insider Activity at Bank of America

In other Bank of America news, insider Matthew M. Koder sold 105,054 shares of the stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $34.27, for a total value of $3,600,200.58. Following the sale, the insider now directly owns 319,803 shares in the company, valued at $10,959,648.81. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Matthew M. Koder sold 214,745 shares of Bank of America stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $35.91, for a total transaction of $7,711,492.95. Following the completion of the sale, the insider now owns 214,747 shares of the company’s stock, valued at approximately $7,711,564.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Matthew M. Koder sold 105,054 shares of Bank of America stock in a transaction dated Thursday, February 23rd. The stock was sold at an average price of $34.27, for a total transaction of $3,600,200.58. Following the completion of the sale, the insider now owns 319,803 shares of the company’s stock, valued at approximately $10,959,648.81. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by company insiders.

Bank of America Trading Down 4.0 %

Shares of NYSE:BAC opened at $27.82 on Friday. The stock has a market capitalization of $222.67 billion, a PE ratio of 8.72, a P/E/G ratio of 1.22 and a beta of 1.40. Bank of America Co. has a 1 year low of $27.62 and a 1 year high of $44.63. The firm has a fifty day moving average price of $34.02 and a 200 day moving average price of $34.07. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 1.13.

Bank of America (NYSE:BAC – Get Rating) last announced its quarterly earnings data on Friday, January 13th. The financial services provider reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.09. Bank of America had a net margin of 23.93% and a return on equity of 11.41%. The business had revenue of $24.50 billion during the quarter, compared to analyst estimates of $24.17 billion. During the same quarter in the prior year, the business earned $0.82 earnings per share. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. Analysts expect that Bank of America Co. will post 3.38 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Friday, March 3rd will be issued a $0.22 dividend. The ex-dividend date of this dividend is Thursday, March 2nd. This represents a $0.88 annualized dividend and a yield of 3.16%. Bank of America’s dividend payout ratio is currently 27.59%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Citigroup boosted their price objective on Bank of America from $36.00 to $38.00 in a report on Tuesday, January 17th. Oppenheimer upped their price objective on Bank of America from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Thursday, February 2nd. Deutsche Bank Aktiengesellschaft cut Bank of America from a “buy” rating to a “hold” rating and decreased their target price for the company from $45.00 to $36.00 in a research report on Friday, January 6th. Barclays decreased their target price on Bank of America from $51.00 to $48.00 and set an “overweight” rating for the company in a research report on Tuesday, January 3rd. Finally, Atlantic Securities cut Bank of America from an “overweight” rating to a “neutral” rating and set a $40.00 target price for the company. in a research report on Tuesday, January 31st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $40.16.

About Bank of America

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Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.