United Advisor Group LLC Acquires 9,631 Shares of Bank of America Co. (NYSE:BAC)

United Advisor Group LLC raised its stake in Bank of America Co. (NYSE:BAC) by 95.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 19,681 shares of the financial services provider’s stock after buying an additional 9,631 shares during the period. United Advisor Group LLC’s holdings in Bank of America were worth $781,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fairway Wealth LLC bought a new position in shares of Bank of America during the 2nd quarter worth approximately $27,000. Delos Wealth Advisors LLC grew its holdings in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the period. POM Investment Strategies LLC increased its stake in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the second quarter valued at about $30,000. Finally, Clearstead Trust LLC raised its stake in Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after buying an additional 834 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In related news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were 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 represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other 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 value 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 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction, the insider now directly owns 835,908,435 shares in the company, valued at $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. In the last ninety days, insiders have sold 113,067,817 shares of company stock worth $4,548,518,070. Corporate insiders own 0.29% of the company’s stock.

Bank of America Trading Up 1.4 %

NYSE BAC opened at $41.89 on Wednesday. Bank of America Co. has a one year low of $27.34 and a one year high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $321.42 billion, a price-to-earnings ratio of 15.23, a price-to-earnings-growth ratio of 1.42 and a beta of 1.32. The company’s 50-day simple moving average is $40.61 and its two-hundred day simple moving average is $39.92.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The company 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 was up .4% compared to the same quarter last year. During the same period last year, the company posted $0.90 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America declared that its board has initiated a share buyback program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Bank of America Dividend Announcement

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 issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.48%. Bank of America’s dividend payout ratio is presently 37.82%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BAC. Oppenheimer raised their price target on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday. Evercore ISI raised their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. BMO Capital Markets upped their price target 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. Cfra restated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Finally, Barclays upped their price target 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 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 stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $42.97.

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.