Addison Advisors LLC Increases Stock Holdings in Bank of America Co. (NYSE:BAC)

Addison Advisors LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 5.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,756 shares of the financial services provider’s stock after purchasing an additional 849 shares during the quarter. Addison Advisors LLC’s holdings in Bank of America were worth $627,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after acquiring an additional 36,124,363 shares during the period. Norges Bank acquired a new position in Bank of America during the fourth quarter worth approximately $3,734,407,000. Price T Rowe Associates Inc. MD raised its stake in Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after purchasing an additional 9,879,524 shares during the period. Parnassus Investments LLC raised its stake in Bank of America by 7.8% during the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock worth $1,363,928,000 after purchasing an additional 2,935,040 shares during the period. Finally, Capital World Investors boosted its holdings in shares of Bank of America by 0.4% in the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock valued at $1,530,241,000 after purchasing an additional 165,070 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BAC has been the topic of several research reports. Barclays increased their target price on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Royal Bank of Canada raised their price objective on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Evercore ISI lifted their price objective on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 target price (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. One investment 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 company’s stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $42.22.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction on Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the transaction, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,670,620 shares of company stock worth $4,651,681,930. 0.29% of the stock is currently owned by insiders.

Bank of America Stock Down 1.7 %

Shares of NYSE:BAC traded down $0.67 during midday trading on Friday, reaching $39.47. The company had a trading volume of 9,320,217 shares, compared to its average volume of 39,103,152. The stock has a market capitalization of $308.67 billion, a P/E ratio of 13.89, a PEG ratio of 1.46 and a beta of 1.35. The stock’s fifty day moving average price is $40.32 and its 200-day moving average price is $38.46. 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 one year low of $24.96 and a one year high of $44.44.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter in the previous year, the firm earned $0.88 EPS. The company’s revenue was up .7% on a year-over-year basis. Equities research analysts expect that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a $0.26 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.63%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Bank of America declared that its board has approved a stock repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to buy 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 shares are undervalued.

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.