CFS Investment Advisory Services LLC Makes New $1.26 Million Investment in Bank of America Co. (NYSE:BAC)

CFS Investment Advisory Services LLC bought a new stake in shares of Bank of America Co. (NYSE:BAC) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 31,724 shares of the financial services provider’s stock, valued at approximately $1,259,000.

Several other large investors have also modified their holdings of the business. Fairway Wealth LLC purchased a new position in Bank of America during the second quarter valued at approximately $27,000. POM Investment Strategies LLC boosted its position in Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares in the last quarter. Kennebec Savings Bank purchased a new position in shares of Bank of America in the 3rd quarter valued at $29,000. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the 2nd quarter worth $30,000. Finally, Christopher J. Hasenberg Inc lifted its stake in shares of Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $47.00 on Friday. The stock has a market capitalization of $360.63 billion, a P/E ratio of 17.09, a P/E/G ratio of 1.57 and a beta of 1.32. The company’s fifty day moving average price is $42.24 and its 200 day moving average price is $40.65. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 1 year low of $29.32 and a 1 year high of $47.22.

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, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter last year, the business earned $0.90 earnings per share. As a group, equities research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on BAC shares. Barclays boosted their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Oppenheimer increased their target price on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Evercore ISI upped their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Phillip Securities raised 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $44.26.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $39.87, for a total transaction of $437,573,568.96. Following the transaction, the insider now directly owns 910,731,659 shares in the company, valued at approximately $36,310,871,244.33. The trade was a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 96,094,698 shares of company stock worth $3,876,350,805. 0.29% of the stock is owned by corporate insiders.

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.