Schrum Private Wealth Management LLC Has $943,000 Position in Bank of America Co. (NYSE:BAC)

Schrum Private Wealth Management LLC raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 96.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,768 shares of the financial services provider’s stock after purchasing an additional 11,649 shares during the quarter. Schrum Private Wealth Management LLC’s holdings in Bank of America were worth $943,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted 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 buying an additional 36,124,363 shares during the period. AMF Tjanstepension AB lifted its position in Bank of America by 959.6% during the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after acquiring an additional 8,447,091 shares during the last quarter. Swedbank AB bought a new stake in shares of Bank of America during the first quarter worth approximately $261,923,000. 1832 Asset Management L.P. grew its position in shares of Bank of America by 1,432.1% in the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after purchasing an additional 5,749,567 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Bank of America by 290.7% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock worth $269,763,000 after purchasing an additional 5,293,000 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BAC shares. BMO Capital Markets boosted their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Oppenheimer raised their price target on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Finally, Barclays raised their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. 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 assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $43.69.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the firm’s stock in a transaction that occurred 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 owns 928,460,939 shares in the company, valued at $36,813,476,231.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’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 sale, the insider now owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 value of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Price Performance

Shares of BAC stock traded up $0.44 on Wednesday, reaching $46.30. The company had a trading volume of 11,622,252 shares, compared to its average volume of 38,607,750. The stock has a market capitalization of $355.25 billion, a PE ratio of 16.81, a price-to-earnings-growth ratio of 1.56 and a beta of 1.32. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business’s 50-day moving average is $41.11 and its 200 day moving average is $40.18. Bank of America Co. has a one year low of $28.47 and a one year high of $46.52.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share 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 analyst estimates of $25.25 billion. During the same quarter last year, the business posted $0.90 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. Equities research analysts forecast that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.25%. Bank of America’s dividend payout ratio is presently 37.82%.

Bank of America declared that its board has initiated 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 reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication 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.