Venturi Wealth Management LLC Has $765,000 Stock Position in Bank of America Co. (NYSE:BAC)

Venturi Wealth Management LLC grew its position in Bank of America Co. (NYSE:BAC) by 11.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 19,290 shares of the financial services provider’s stock after buying an additional 1,984 shares during the period. Venturi Wealth Management LLC’s holdings in Bank of America were worth $765,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. McAdam LLC boosted its stake in Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after purchasing an additional 238 shares during the period. Integrity Financial Corp WA boosted its stake in 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. BTC Capital Management Inc. boosted its stake in Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after purchasing an additional 248 shares during the period. Central Bank & Trust Co. boosted its stake in Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 248 shares during the period. Finally, SNS Financial Group LLC boosted its stake in Bank of America by 3.3% in the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 248 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling

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 sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the sale, the insider now owns 928,460,939 shares in the company, valued at $36,813,476,231.35. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 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 Stock Performance

Shares of NYSE:BAC opened at $46.10 on Tuesday. The company’s 50 day moving average price is $40.90 and its two-hundred day moving average price is $40.07. Bank of America Co. has a 12-month low of $27.42 and a 12-month high of $46.52. The firm has a market cap of $353.72 billion, a PE ratio of 16.76, a PEG ratio of 1.53 and a beta of 1.32. 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 (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the prior year, the business posted $0.90 EPS. The business’s revenue was up .4% compared to the same quarter last year. Equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a share repurchase plan 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 buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. Bank of America’s dividend payout ratio is 37.82%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Oppenheimer increased their price objective on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. Finally, 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.69.

Bank of America Company 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.