Ullmann Wealth Partners Group LLC Has $2.07 Million Stock Position in Bank of America Co. (NYSE:BAC)

Ullmann Wealth Partners Group LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 65.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,143 shares of the financial services provider’s stock after buying an additional 20,544 shares during the quarter. Ullmann Wealth Partners Group LLC’s holdings in Bank of America were worth $2,069,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. American National Bank & Trust Co. VA bought a new position in shares of Bank of America during the first quarter valued at about $1,322,000. Citizens Financial Group Inc. RI raised its position in Bank of America by 27.1% in the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after acquiring an additional 20,916 shares during the period. Foster Group Inc. raised its position in Bank of America by 19.4% in the first quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock worth $340,000 after acquiring an additional 1,457 shares during the period. Councilmark Asset Management LLC bought a new stake in Bank of America in the first quarter worth about $771,000. Finally, SteelPeak Wealth LLC raised its position in Bank of America by 37.7% in the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after acquiring an additional 14,901 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 160,921,082 shares of company stock worth $6,582,343,525 in the last three months. 0.29% of the stock is owned by insiders.

Analyst Ratings Changes

BAC has been the topic of several research reports. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Evercore ISI boosted their price target on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Finally, Cfra reissued a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $42.27.

Bank of America Trading Up 0.5 %

Shares of BAC traded up $0.23 during mid-day trading on Tuesday, reaching $42.14. The company’s stock had a trading volume of 61,479,164 shares, compared to its average volume of 38,924,348. The stock has a market cap of $329.55 billion, a PE ratio of 14.73, a P/E/G ratio of 1.39 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The company’s fifty day moving average price is $39.51 and its two-hundred day moving average price is $39.30.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.81. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the business posted $0.90 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. On average, analysts predict that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America announced that its board has authorized a share buyback program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a dividend of $0.26 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s dividend payout ratio is currently 35.99%.

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.