Atria Investments Inc Purchases 25,741 Shares of Bank of America Co. (NYSE:BAC)

Atria Investments Inc lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 6.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 455,182 shares of the financial services provider’s stock after acquiring an additional 25,741 shares during the quarter. Atria Investments Inc’s holdings in Bank of America were worth $18,062,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC lifted its stake in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after buying an additional 547 shares in the last quarter. Fairway Wealth LLC bought a new position in Bank of America in the 2nd quarter worth $27,000. POM Investment Strategies LLC boosted its holdings in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the period. Bbjs Financial Advisors LLC bought a new position in Bank of America in the 2nd quarter worth $30,000. Finally, Clearstead Trust LLC boosted its holdings in Bank of America by 1,489.3% in 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. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Bank of America stock opened at $45.13 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 1-year low of $27.34 and a 1-year high of $45.55. The firm has a market capitalization of $346.28 billion, a P/E ratio of 16.41, a price-to-earnings-growth ratio of 1.54 and a beta of 1.32. The company’s 50-day moving average is $40.90 and its 200 day moving average is $40.04.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company 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 company posted $0.90 EPS. The firm’s revenue for the quarter was up .4% on a year-over-year basis. Research analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America declared that its board has initiated a share buyback plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows 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 board believes its shares are undervalued.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

Insider Buying and Selling

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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the transaction, the insider now 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. Insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070 in the last ninety days. 0.29% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Cfra reaffirmed a “sell” rating and issued a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Morgan Stanley upped their target price on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. BMO Capital Markets upped their target price on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Evercore ISI boosted their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $43.69.

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.