Proactive Wealth Strategies LLC Invests $242,000 in Bank of America Co. (NYSE:BAC)

Proactive Wealth Strategies LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,092 shares of the financial services provider’s stock, valued at approximately $242,000.

Several other large investors also recently modified their holdings of the stock. Rakuten Securities Inc. grew its position in shares of Bank of America by 13.7% during the 3rd quarter. Rakuten Securities Inc. now owns 4,651 shares of the financial services provider’s stock worth $185,000 after buying an additional 560 shares during the period. WealthPlan Investment Management LLC grew its position in shares of Bank of America by 117.0% during the 3rd quarter. WealthPlan Investment Management LLC now owns 35,266 shares of the financial services provider’s stock worth $1,399,000 after buying an additional 19,013 shares during the period. GSA Capital Partners LLP grew its position in Bank of America by 63.7% in the 3rd quarter. GSA Capital Partners LLP now owns 31,875 shares of the financial services provider’s stock valued at $1,265,000 after purchasing an additional 12,402 shares during the period. Waverton Investment Management Ltd acquired a new stake in Bank of America in the 3rd quarter valued at $208,000. Finally, Harbour Investments Inc. grew its position in Bank of America by 3.5% in the 3rd quarter. Harbour Investments Inc. now owns 27,487 shares of the financial services provider’s stock valued at $1,091,000 after purchasing an additional 923 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 2.1 %

BAC stock opened at $46.10 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $353.72 billion, a PE ratio of 16.76, a PEG ratio of 1.53 and a beta of 1.32. Bank of America Co. has a twelve month low of $27.42 and a twelve month high of $46.52. The stock has a 50-day simple moving average of $41.00 and a two-hundred day simple moving average of $40.13.

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 firm earned $0.90 earnings per share. Bank of America’s revenue was up .4% on a year-over-year basis. On average, equities analysts predict that Bank of America Co. will post 3.27 EPS for the current fiscal year.

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 issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Bank of America declared that its Board of Directors has approved a share repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report 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. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $46.00 to $54.00 in a research note on Friday. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. Finally, Cfra restated a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.69.

Insider Transactions at Bank of America

In other news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 stock was 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 $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the completion of the sale, the insider now directly owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,067,817 shares of company stock valued at $4,548,518,070. 0.29% of the stock is owned by corporate insiders.

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.