Sweeney & Michel LLC Has $1.46 Million Stake in Bank of America Co. (NYSE:BAC)

Sweeney & Michel LLC raised its position in Bank of America Co. (NYSE:BAC) by 4.6% during the third quarter, according to its most recent filing with the SEC. The firm owned 34,560 shares of the financial services provider’s stock after purchasing an additional 1,529 shares during the period. Sweeney & Michel LLC’s holdings in Bank of America were worth $1,463,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Oakworth Capital Inc. lifted its position in shares of Bank of America by 5.2% in the 3rd quarter. Oakworth Capital Inc. now owns 19,990 shares of the financial services provider’s stock worth $793,000 after purchasing an additional 987 shares during the period. Ledyard National Bank lifted its position in shares of Bank of America by 17.5% in the 3rd quarter. Ledyard National Bank now owns 11,898 shares of the financial services provider’s stock worth $472,000 after purchasing an additional 1,769 shares during the period. Integrity Financial Corp WA lifted its position in shares of Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after purchasing an additional 240 shares during the period. Community Financial Services Group LLC increased its stake in shares of Bank of America by 1.0% in the 3rd quarter. Community Financial Services Group LLC now owns 117,524 shares of the financial services provider’s stock valued at $4,663,000 after acquiring an additional 1,177 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its stake in shares of Bank of America by 36.5% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 108,617 shares of the financial services provider’s stock valued at $4,310,000 after acquiring an additional 29,022 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the sale, the insider now directly owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, 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 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the sale, the insider now owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 138,284,099 shares of company stock valued at $5,593,609,660 over the last three months. 0.29% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on BAC shares. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Evercore ISI lifted their price objective 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. BMO Capital Markets lifted their price objective on shares of 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. Finally, Jefferies Financial Group lifted their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $42.69.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $0.01 during midday trading on Tuesday, reaching $41.75. The company had a trading volume of 5,282,421 shares, compared to its average volume of 38,640,023. The company’s 50 day moving average price is $39.97 and its 200 day moving average price is $39.47. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market cap of $326.50 billion, a P/E ratio of 14.45, a P/E/G ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44.

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 for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 EPS. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

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.