KPP Advisory Services LLC Has $1.17 Million Stock Position in Bank of America Co. (NYSE:BAC)

KPP Advisory Services LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 2.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,429 shares of the financial services provider’s stock after selling 688 shares during the quarter. KPP Advisory Services LLC’s holdings in Bank of America were worth $1,168,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Summit Global Investments increased its position in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the period. Baker Avenue Asset Management LP boosted its holdings in Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after buying an additional 33,983 shares during the last quarter. Citizens Financial Group Inc. RI boosted its holdings in Bank of America by 27.1% during the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after buying an additional 20,916 shares during the last quarter. SteelPeak Wealth LLC boosted its holdings in Bank of America by 37.7% during the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after buying an additional 14,901 shares during the last quarter. Finally, Philip James Wealth Mangement LLC bought a new position in Bank of America during the third quarter worth about $9,670,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BAC shares. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, September 3rd. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Evercore ISI lifted their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley boosted their target price on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. One equities research 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 company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America Price Performance

BAC traded up $0.85 on Friday, reaching $46.75. The stock had a trading volume of 40,488,863 shares, compared to its average volume of 38,721,895. Bank of America Co. has a fifty-two week low of $29.22 and a fifty-two week high of $46.84. The firm has a 50-day moving average of $41.49 and a 200-day moving average of $40.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $358.71 billion, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 1.55 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued 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. The business had revenue of $25.30 billion during 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 revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.90 EPS. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared 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. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.22%. Bank of America’s payout ratio is 37.82%.

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

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $39.79, for a total transaction of $268,752,482.88. Following the completion of the sale, the insider now owns 921,706,667 shares of the company’s stock, valued at $36,674,708,279.93. This trade represents a 0.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’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 sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents a 48.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 107,883,988 shares of company stock valued at $4,344,741,752. Company insiders own 0.29% of the company’s stock.

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.