Icon Wealth Advisors LLC Has $5.98 Million Holdings in Bank of America Co. (NYSE:BAC)

Icon Wealth Advisors LLC decreased its holdings in Bank of America Co. (NYSE:BAC) by 4.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 150,661 shares of the financial services provider’s stock after selling 7,281 shares during the period. Icon Wealth Advisors LLC’s holdings in Bank of America were worth $5,978,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in BAC. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at about $27,000. POM Investment Strategies LLC grew its position in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares in the last quarter. Kennebec Savings Bank acquired a new position in shares of Bank of America during the 3rd quarter worth $29,000. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at $30,000. Finally, Christopher J. Hasenberg Inc increased its position in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $40.28, for a total value of $202,649,243.92. Following the sale, the insider now directly owns 863,977,599 shares of the company’s stock, valued at approximately $34,801,017,687.72. The trade was a 0.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 70,007,916 shares of company stock valued at $2,829,836,123 over the last 90 days. 0.29% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on BAC shares. Oppenheimer boosted their target price on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a report on Friday, October 18th. Barclays lifted their price objective on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. One investment 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 company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $44.26.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $47.77 on Friday. The firm’s 50 day simple moving average is $42.87 and its 200 day simple moving average is $40.92. Bank of America Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.98. The company has a market capitalization of $366.53 billion, a price-to-earnings ratio of 17.37, a P/E/G ratio of 1.62 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the business posted $0.90 earnings per share. The business’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders 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 dividend on an annualized basis and a yield of 2.18%. Bank of America’s payout ratio is 37.82%.

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.