Kingsview Wealth Management LLC Acquires 10,904 Shares of Bank of America Co. (NYSE:BAC)

Kingsview Wealth Management LLC boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 10.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 112,261 shares of the financial services provider’s stock after acquiring an additional 10,904 shares during the period. Kingsview Wealth Management LLC’s holdings in Bank of America were worth $4,455,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. AMF Tjanstepension AB lifted its holdings in Bank of America by 959.6% during the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after acquiring an additional 8,447,091 shares in the last quarter. Swedbank AB bought a new position in Bank of America during the first quarter worth about $261,923,000. 1832 Asset Management L.P. lifted its holdings in Bank of America by 1,432.1% during the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after acquiring an additional 5,749,567 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Bank of America by 3,550.7% during the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after acquiring an additional 4,423,215 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new position in Bank of America during the second quarter worth about $127,252,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their price target on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Oppenheimer lifted their price target 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. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. Finally, Wells Fargo & Company lifted their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $44.26.

Bank of America Trading Up 1.2 %

Shares of Bank of America stock opened at $47.00 on Friday. The business has a fifty day simple moving average of $42.24 and a two-hundred day simple moving average of $40.67. Bank of America Co. has a 1 year low of $29.32 and a 1 year high of $47.22. The company has a market capitalization of $360.63 billion, a price-to-earnings ratio of 17.09, a P/E/G ratio of 1.57 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 announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter last year, the firm posted $0.90 EPS. The company’s quarterly revenue was up .4% on a year-over-year basis. Research analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the stock in a transaction that occurred 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 position. The disclosure for this sale can be found here. Insiders sold 96,094,698 shares of company stock valued at $3,876,350,805 in the last quarter. 0.29% of the stock is currently owned by insiders.

Bank of America 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.