Winthrop Advisory Group LLC Acquires 3,670 Shares of Bank of America Co. (NYSE:BAC)

Winthrop Advisory Group LLC raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 13.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,252 shares of the financial services provider’s stock after acquiring an additional 3,670 shares during the quarter. Winthrop Advisory Group LLC’s holdings in Bank of America were worth $1,240,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Citizens Financial Group Inc. RI boosted its holdings in Bank of America by 27.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after purchasing an additional 20,916 shares during the period. Councilmark Asset Management LLC purchased a new position in Bank of America during the first quarter worth about $771,000. SteelPeak Wealth LLC increased its stake in Bank of America by 37.7% in the 2nd 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 last quarter. Brookstone Capital Management boosted its position in shares of Bank of America by 11.5% during the 2nd quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider’s stock valued at $8,628,000 after acquiring an additional 20,309 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Bank of America by 39.7% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 9,941,700 shares of the financial services provider’s stock worth $395,381,000 after purchasing an additional 2,827,700 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the 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 transaction, the insider now directly owns 928,460,939 shares in the company, valued at approximately $36,813,476,231.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the 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 sale, the insider now directly owns 928,460,939 shares of the company’s stock, valued at approximately $36,813,476,231.35. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America 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 transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070. 0.29% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Tuesday, September 3rd. Cfra reissued a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. BMO Capital Markets upped their price objective on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley upped their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $43.69.

Bank of America Stock Down 1.4 %

Shares of Bank of America stock opened at $44.77 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a twelve month low of $27.34 and a twelve month high of $45.55. The company has a market cap of $343.51 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 1.40 and a beta of 1.32. The company’s 50 day moving average is $40.72 and its 200 day moving average is $39.96.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the company posted $0.90 earnings per share. Bank of America’s revenue was up .4% compared to the same quarter last year. Research analysts anticipate that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

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.