Great Valley Advisor Group Inc. Boosts Stock Holdings in Bank of America Co. (NYSE:BAC)

Great Valley Advisor Group Inc. boosted its position in Bank of America Co. (NYSE:BAC) by 5.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 259,027 shares of the financial services provider’s stock after buying an additional 12,306 shares during the quarter. Great Valley Advisor Group Inc.’s holdings in Bank of America were worth $10,278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Fairway Wealth LLC bought a new position in Bank of America during the second quarter worth about $27,000. POM Investment Strategies LLC grew its stake in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares in the last quarter. Kennebec Savings Bank bought a new stake in Bank of America during the 3rd quarter valued at $29,000. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America during the second quarter worth $30,000. Finally, Christopher J. Hasenberg Inc grew its position in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the sale, the insider now owns 835,908,435 shares in the company, valued at $34,088,345,979.30. This represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 96,094,698 shares of company stock valued at $3,876,350,805 in the last three months. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BAC. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Morgan Stanley lifted their price target on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. Finally, Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $44.26.

Bank of America Stock Up 1.2 %

Shares of BAC opened at $47.00 on Friday. The stock has a market capitalization of $360.63 billion, a price-to-earnings ratio of 17.09, a price-to-earnings-growth ratio of 1.57 and a beta of 1.32. The business’s 50 day simple moving average is $42.24 and its 200-day simple moving average is $40.65. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 1 year low of $29.32 and a 1 year high of $47.22.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the company earned $0.90 EPS. As a group, equities analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. Bank of America’s payout ratio is 37.82%.

Bank of America 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.