Prime Capital Investment Advisors LLC Increases Stock Holdings in Bank of America Co. (NYSE:BAC)

Prime Capital Investment Advisors LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 15.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 197,861 shares of the financial services provider’s stock after purchasing an additional 26,746 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Bank of America were worth $7,851,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Delos Wealth Advisors LLC raised its stake in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares during the period. Fairway Wealth LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at $27,000. POM Investment Strategies LLC boosted its holdings in 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 worth $29,000 after buying an additional 646 shares during the period. Kennebec Savings Bank purchased a new stake in Bank of America in the 3rd quarter worth $29,000. Finally, Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the second quarter worth about $30,000. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. 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. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Tuesday, September 3rd. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Oppenheimer lifted 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. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research note on Friday, October 18th. 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $43.69.

Bank of America Stock Performance

NYSE BAC opened at $45.88 on Wednesday. The stock has a market cap of $352.03 billion, a PE ratio of 16.68, a P/E/G ratio of 1.56 and a beta of 1.32. Bank of America Co. has a twelve month low of $27.42 and a twelve month high of $46.52. The stock has a fifty day simple moving average of $41.00 and a 200-day simple moving average of $40.13. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s revenue was up .4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 EPS. Equities analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed 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 of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.27%. Bank of America’s payout ratio is presently 37.82%.

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

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80. Following the completion of the transaction, the insider now directly owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the transaction, the insider now directly owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,067,817 shares of company stock worth $4,548,518,070. 0.29% of the stock is currently owned by company 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.