Philip James Wealth Mangement LLC Takes $9.67 Million Position in Bank of America Co. (NYSE:BAC)

Philip James Wealth Mangement LLC purchased a new position in Bank of America Co. (NYSE:BAC) in the third quarter, Holdings Channel reports. The fund purchased 243,688 shares of the financial services provider’s stock, valued at approximately $9,670,000. Bank of America makes up about 1.2% of Philip James Wealth Mangement LLC’s holdings, making the stock its 19th biggest holding.

Several other large investors also recently made changes to their positions in the stock. Summit Global Investments grew its holdings in Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 36,089 shares during the last quarter. Winthrop Advisory Group LLC grew its stake in Bank of America by 13.3% in the 3rd quarter. Winthrop Advisory Group LLC now owns 31,252 shares of the financial services provider’s stock valued at $1,240,000 after buying an additional 3,670 shares during the last quarter. Lewis Asset Management LLC bought a new position in Bank of America in the 3rd quarter worth $208,000. Sittner & Nelson LLC lifted its position in Bank of America by 6.4% during the 3rd quarter. Sittner & Nelson LLC now owns 16,593 shares of the financial services provider’s stock worth $658,000 after acquiring an additional 1,004 shares during the last quarter. Finally, TFB Advisors LLC boosted its holdings in Bank of America by 6.0% during the third quarter. TFB Advisors LLC now owns 6,112 shares of the financial services provider’s stock valued at $243,000 after acquiring an additional 345 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of several recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Tuesday, September 3rd. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $46.00 to $54.00 in a research note on Friday. Barclays increased their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $43.69.

Bank of America Trading Up 1.3 %

NYSE:BAC traded up $0.56 on Friday, hitting $45.33. 3,375,564 shares of the stock were exchanged, compared to its average volume of 38,557,043. The stock has a market capitalization of $347.81 billion, a price-to-earnings ratio of 16.28, a P/E/G ratio of 1.40 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 52 week low of $27.34 and a 52 week high of $45.55. The company’s 50-day moving average price is $40.72 and its 200 day moving average price is $39.96.

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, beating the consensus estimate 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 business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the prior year, the business posted $0.90 earnings per share. Bank of America’s revenue was up .4% compared to the same quarter last year. On average, equities research analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders 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 dividend yield of 2.29%. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America announced that its Board of Directors has initiated a stock repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated 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 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were 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 approximately $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,067,817 shares of company stock valued at $4,548,518,070 over the last three months. Company insiders own 0.29% of the company’s stock.

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.