Highline Wealth Partners LLC Has $37,000 Position in Bank of America Co. (NYSE:BAC)

Highline Wealth Partners LLC boosted its stake in Bank of America Co. (NYSE:BAC) by 152.7% in the fourth quarter, HoldingsChannel reports. The firm owned 844 shares of the financial services provider’s stock after buying an additional 510 shares during the period. Highline Wealth Partners LLC’s holdings in Bank of America were worth $37,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in BAC. Fairway Wealth LLC acquired a new position in Bank of America during the second quarter worth $27,000. Kennebec Savings Bank bought a new position in Bank of America in the 3rd quarter valued at about $29,000. Christopher J. Hasenberg Inc lifted its position in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 852 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in Bank of America during the 3rd quarter valued at about $45,000. Finally, Truvestments Capital LLC bought a new stake in Bank of America during the 3rd quarter worth approximately $73,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BAC. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $43.00 to $53.00 in a research report on Tuesday. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. Wells Fargo & Company lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Price Performance

Shares of NYSE BAC traded down $1.07 during trading hours on Friday, reaching $45.14. 22,095,878 shares of the stock traded hands, compared to its average volume of 30,240,287. The company’s 50-day simple moving average is $45.46 and its two-hundred day simple moving average is $42.15. The company has a market capitalization of $346.35 billion, a P/E ratio of 16.41, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. Bank of America Co. has a 52-week low of $31.27 and a 52-week high of $48.08. 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 quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 EPS. Equities research analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date was Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

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.