Lake Street Advisors Group LLC Purchases 1,663 Shares of Bank of America Co. (NYSE:BAC)

Lake Street Advisors Group LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 2.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 59,667 shares of the financial services provider’s stock after acquiring an additional 1,663 shares during the period. Lake Street Advisors Group LLC’s holdings in Bank of America were worth $2,368,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of BAC. Atlas Capital Advisors LLC grew its stake in shares of Bank of America by 39.5% in the 1st quarter. Atlas Capital Advisors LLC now owns 4,239 shares of the financial services provider’s stock worth $161,000 after buying an additional 1,200 shares in the last quarter. Brookstone Capital Management grew its stake in shares of Bank of America by 9.1% in the 1st quarter. Brookstone Capital Management now owns 175,876 shares of the financial services provider’s stock worth $6,669,000 after buying an additional 14,627 shares in the last quarter. Wealthcare Advisory Partners LLC boosted its stake in shares of Bank of America by 16.8% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 63,812 shares of the financial services provider’s stock worth $2,420,000 after purchasing an additional 9,191 shares during the period. Thrive Wealth Management LLC boosted its stake in shares of Bank of America by 10.1% during the 1st quarter. Thrive Wealth Management LLC now owns 11,315 shares of the financial services provider’s stock worth $429,000 after purchasing an additional 1,036 shares during the period. Finally, Kathmere Capital Management LLC boosted its stake in shares of Bank of America by 26.1% during the 1st quarter. Kathmere Capital Management LLC now owns 25,417 shares of the financial services provider’s stock worth $964,000 after purchasing an additional 5,264 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC stock traded down $0.11 during trading hours on Friday, hitting $42.54. The company’s stock had a trading volume of 4,432,963 shares, compared to its average volume of 38,530,344. The company has a 50 day moving average of $40.11 and a 200 day moving average of $39.53. The stock has a market cap of $330.09 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 1.43 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. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.90 EPS. On average, sell-side analysts forecast that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors 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 2.44%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America declared that its board has authorized a share buyback program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BAC. 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 research note on Tuesday, September 3rd. Evercore ISI lifted their price objective on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods boosted 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. Barclays boosted their price target on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, Cfra restated a “sell” rating and issued a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,336,839 shares of company stock worth $5,049,968,704 in the last three months. Company insiders own 0.29% of the company’s stock.

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.