Harmony Asset Management LLC Boosts Holdings in Bank of America Co. (NYSE:BAC)

Harmony Asset Management LLC raised its position in Bank of America Co. (NYSE:BAC) by 160.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,769 shares of the financial services provider’s stock after purchasing an additional 28,175 shares during the quarter. Harmony Asset Management LLC’s holdings in Bank of America were worth $1,816,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. Park Avenue Securities LLC boosted its position in shares of Bank of America by 5.2% during the second quarter. Park Avenue Securities LLC now owns 105,021 shares of the financial services provider’s stock worth $4,177,000 after buying an additional 5,152 shares during the period. Apella Capital LLC boosted its holdings in shares of Bank of America by 20.7% during the second quarter. Apella Capital LLC now owns 11,262 shares of the financial services provider’s stock worth $466,000 after purchasing an additional 1,928 shares during the period. Fiduciary Alliance LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at $286,000. Cullinan Associates Inc. grew its holdings in shares of Bank of America by 2.4% during the 2nd quarter. Cullinan Associates Inc. now owns 55,925 shares of the financial services provider’s stock valued at $2,224,000 after acquiring an additional 1,316 shares in the last quarter. Finally, RDA Financial Network increased its holdings in shares of Bank of America by 0.9% during the 2nd quarter. RDA Financial Network now owns 43,189 shares of the financial services provider’s stock valued at $1,718,000 after acquiring an additional 369 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Evercore ISI raised their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Morgan Stanley lifted their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Finally, Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $44.82.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $39.57, for a total value of $68,114,452.62. Following the completion of the sale, the insider now owns 861,175,131 shares in the company, valued at $34,076,699,933.67. The trade was a 0.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 61,976,277 shares of company stock worth $2,503,269,682 over the last three months. Insiders own 0.29% of the company’s stock.

Bank of America Stock Down 1.0 %

Bank of America stock opened at $47.02 on Tuesday. Bank of America Co. has a fifty-two week low of $30.33 and a fifty-two week high of $48.08. The firm has a market capitalization of $360.78 billion, a PE ratio of 17.10, a P/E/G ratio of 1.61 and a beta of 1.33. The company’s 50-day moving average is $43.02 and its 200-day moving average is $41.02. 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 analysts’ consensus estimates 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 business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the firm earned $0.90 EPS. The firm’s revenue was up .4% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share 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. Investors 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 2.21%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

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.