Fortem Financial Group LLC Acquires 908 Shares of Bank of America Co. (NYSE:BAC)

Fortem Financial Group LLC raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 5.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,685 shares of the financial services provider’s stock after purchasing an additional 908 shares during the quarter. Fortem Financial Group LLC’s holdings in Bank of America were worth $777,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 2nd quarter worth approximately $27,000. Kennebec Savings Bank bought a new position in Bank of America in the 3rd quarter valued at $29,000. Christopher J. Hasenberg Inc increased its stake in 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 worth $40,000 after purchasing an additional 852 shares during the period. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America during the third quarter worth $45,000. Finally, Truvestments Capital LLC purchased a new stake in shares of Bank of America during the third quarter valued at $73,000. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BAC shares. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. Barclays boosted their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Finally, Phillip Securities upgraded 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. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $46.07.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Up 1.3 %

NYSE BAC traded up $0.57 during trading on Monday, hitting $45.38. The company’s stock had a trading volume of 23,556,945 shares, compared to its average volume of 23,541,910. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $348.20 billion, a PE ratio of 16.50, a P/E/G ratio of 1.55 and a beta of 1.33. The business’s 50 day simple moving average is $45.17 and its 200-day simple moving average is $42.01.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.90 EPS. On average, equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

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.