Aberdeen Wealth Management LLC Raises Holdings in Bank of America Co. (NYSE:BAC)

Aberdeen Wealth Management LLC increased its position in Bank of America Co. (NYSE:BAC) by 2.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 12,558 shares of the financial services provider’s stock after purchasing an additional 300 shares during the period. Aberdeen Wealth Management LLC’s holdings in Bank of America were worth $498,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Fairway Wealth LLC purchased a new stake in Bank of America in the second quarter valued at approximately $27,000. POM Investment Strategies LLC increased its holdings in shares of Bank of America by 839.0% in 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 during the period. Kennebec Savings Bank purchased a new stake in Bank of America in the 3rd quarter valued at $29,000. Bbjs Financial Advisors LLC acquired a new stake in Bank of America during the 2nd quarter worth $30,000. Finally, Christopher J. Hasenberg Inc grew its position in 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. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

BAC opened at $46.72 on Tuesday. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.02. The stock has a market cap of $358.48 billion, a P/E ratio of 16.99, a P/E/G ratio of 1.58 and a beta of 1.32. The stock’s 50 day simple moving average is $41.64 and its 200 day simple moving average is $40.44. 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, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.90 earnings per share. As a group, equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal 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 given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Bank of America declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research reports. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Oppenheimer lifted their target price on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Barclays upped their price target 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, Morgan Stanley lifted their price objective on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $39.87, for a total value of $437,573,568.96. Following the sale, the insider now directly owns 910,731,659 shares in the company, valued at $36,310,871,244.33. This represents a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were 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 in the company, 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. Insiders have sold 102,848,970 shares of company stock valued at $4,145,103,288 over the last quarter. Corporate insiders own 0.29% of the company’s stock.

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.