Harmony Asset Management LLC Has $1.82 Million Position in Bank of America Co. (NYSE:BAC)

Harmony Asset Management LLC boosted its position in Bank of America Co. (NYSE:BAC) by 160.1% during the third quarter, HoldingsChannel.com reports. The fund owned 45,769 shares of the financial services provider’s stock after buying 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 reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Fairway Wealth LLC bought a new position in Bank of America in the 2nd quarter valued at approximately $27,000. POM Investment Strategies LLC increased its holdings in shares of Bank of America by 839.0% during the second 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 in the last quarter. Kennebec Savings Bank bought a new position in shares of Bank of America in the 3rd quarter valued at $29,000. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at $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 acquiring an additional 852 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling 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 shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following 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 1.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 61,976,277 shares of company stock worth $2,503,269,682. Insiders own 0.29% of the company’s stock.

Bank of America Trading Down 1.0 %

NYSE BAC opened at $47.02 on Tuesday. The stock has a market cap of $360.78 billion, a PE ratio of 17.10, a PEG ratio of 1.61 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company’s 50-day moving average price is $43.02 and its 200-day moving average price is $41.02. Bank of America Co. has a 12 month low of $30.33 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the firm posted $0.90 EPS. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. Equities research 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 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 annualized dividend 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 currently 37.82%.

Analyst Ratings Changes

A number of brokerages have recently commented on BAC. Evercore ISI lifted their price target on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. 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 research report on Friday, October 18th. Oppenheimer lifted their price target on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $44.82.

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.