Summit Asset Management LLC Raises Stock Position in Bank of America Co. (NYSE:BAC)

Summit Asset Management LLC increased its position in Bank of America Co. (NYSE:BAC) by 23.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,785 shares of the financial services provider’s stock after purchasing an additional 6,151 shares during the quarter. Summit Asset Management LLC’s holdings in Bank of America were worth $1,301,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of BAC. Quent Capital LLC lifted its position in Bank of America by 3.6% during the first quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock valued at $1,129,000 after acquiring an additional 1,037 shares during the last quarter. Kingsview Wealth Management LLC grew its position in Bank of America by 6.4% during the 1st quarter. Kingsview Wealth Management LLC now owns 90,957 shares of the financial services provider’s stock worth $3,449,000 after purchasing an additional 5,496 shares during the period. Orion Portfolio Solutions LLC raised its position in shares of Bank of America by 1.1% in the first quarter. Orion Portfolio Solutions LLC now owns 187,026 shares of the financial services provider’s stock worth $7,092,000 after acquiring an additional 1,998 shares during the period. Leo Wealth LLC increased its position in shares of Bank of America by 10.4% in the first quarter. Leo Wealth LLC now owns 11,887 shares of the financial services provider’s stock valued at $449,000 after buying an additional 1,122 shares in the last quarter. Finally, Delos Wealth Advisors LLC raised its holdings in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on BAC. Barclays boosted their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Morgan Stanley raised their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Evercore ISI increased their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Oppenheimer increased their target price on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.69.

Bank of America Stock Up 0.0 %

BAC opened at $45.88 on Thursday. Bank of America Co. has a one year low of $28.47 and a one year high of $46.52. The company has a market cap of $352.03 billion, a price-to-earnings ratio of 16.68, a PEG ratio of 1.55 and a beta of 1.32. The business’s fifty day moving average is $41.11 and its two-hundred day moving average is $40.18. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the company earned $0.90 EPS. The firm’s revenue was up .4% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the sale, the insider now owns 812,041,811 shares in the company, valued at approximately $31,888,881,917.97. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the transaction, the insider now directly owns 812,041,811 shares in the company, valued at approximately $31,888,881,917.97. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 107,883,988 shares of company stock valued at $4,344,741,752. 0.29% of the stock is owned by insiders.

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.