Turtle Creek Wealth Advisors LLC Raises Stake in Bank of America Co. (NYSE:BAC)

Turtle Creek Wealth Advisors LLC increased its stake in Bank of America Co. (NYSE:BAC) by 10.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,894 shares of the financial services provider’s stock after buying an additional 1,263 shares during the period. Turtle Creek Wealth Advisors LLC’s holdings in Bank of America were worth $512,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. LJI Wealth Management LLC increased its position in shares of Bank of America by 1.1% during the third quarter. LJI Wealth Management LLC now owns 55,235 shares of the financial services provider’s stock worth $2,192,000 after acquiring an additional 593 shares during the period. Natixis Advisors LLC grew its stake in Bank of America by 3.2% in the third quarter. Natixis Advisors LLC now owns 5,393,543 shares of the financial services provider’s stock worth $214,016,000 after purchasing an additional 165,088 shares in the last quarter. Empowered Funds LLC increased its holdings in Bank of America by 10.4% during the 3rd quarter. Empowered Funds LLC now owns 249,733 shares of the financial services provider’s stock worth $9,909,000 after purchasing an additional 23,617 shares during the period. Empirical Finance LLC raised its position in Bank of America by 2.0% during the 3rd quarter. Empirical Finance LLC now owns 242,022 shares of the financial services provider’s stock valued at $9,603,000 after purchasing an additional 4,794 shares in the last quarter. Finally, Black Diamond Financial LLC lifted its holdings in shares of Bank of America by 9.1% in the 3rd quarter. Black Diamond Financial LLC now owns 25,135 shares of the financial services provider’s stock worth $997,000 after buying an additional 2,103 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Activity

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on 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 owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $39.65, for a total value of $199,638,463.70. Following the completion of the transaction, the insider now directly owns 928,460,939 shares in the company, valued at approximately $36,813,476,231.35. This trade represents a 0.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 107,883,988 shares of company stock worth $4,344,741,752 over the last three months. Insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BAC. Oppenheimer raised their price target on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Barclays boosted their price objective 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. Deutsche Bank Aktiengesellschaft upgraded 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. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $46.00 to $54.00 in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $44.26.

Bank of America Price Performance

Shares of BAC traded up $0.85 during mid-day trading on Friday, hitting $46.75. 40,488,863 shares of the company were exchanged, compared to its average volume of 38,721,895. 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 Co. has a 1-year low of $29.22 and a 1-year high of $46.84. The stock has a market cap of $358.71 billion, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 1.55 and a beta of 1.32. The company has a 50 day moving average of $41.49 and a 200-day moving average of $40.33.

Bank of America (NYSE:BAC) last announced its earnings results 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. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.90 earnings per share. Analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

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

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, December 6th. 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.