LVW Advisors LLC Has $1.50 Million Stake in Bank of America Co. (NYSE:BAC)

LVW Advisors LLC decreased its stake in Bank of America Co. (NYSE:BAC) by 15.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 37,850 shares of the financial services provider’s stock after selling 7,180 shares during the period. LVW Advisors LLC’s holdings in Bank of America were worth $1,502,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Independence Bank of Kentucky increased its holdings in shares of Bank of America by 71.4% in the third quarter. Independence Bank of Kentucky now owns 35,094 shares of the financial services provider’s stock worth $1,393,000 after acquiring an additional 14,621 shares in the last quarter. Franklin Street Advisors Inc. NC grew its stake in Bank of America by 22.4% in the third quarter. Franklin Street Advisors Inc. NC now owns 11,432 shares of the financial services provider’s stock valued at $454,000 after purchasing an additional 2,089 shares in the last quarter. Clarius Group LLC grew its stake in Bank of America by 1.1% in the third quarter. Clarius Group LLC now owns 61,916 shares of the financial services provider’s stock valued at $2,442,000 after purchasing an additional 659 shares in the last quarter. Christopher J. Hasenberg Inc grew its stake in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares in the last quarter. Finally, Watts Gwilliam & Co. LLC bought a new position in Bank of America in the third quarter valued at approximately $2,500,000. 70.71% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 160,921,082 shares of company stock valued at $6,582,343,525 over the last ninety days. 0.29% of the stock is currently owned by insiders.

Bank of America Trading Up 5.3 %

Shares of Bank of America stock traded up $2.11 on Friday, hitting $42.08. 23,377,508 shares of the company’s stock traded hands, compared to its average volume of 38,726,313. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a fifty day moving average of $39.32 and a two-hundred day moving average of $39.21. The company has a market capitalization of $326.52 billion, a price-to-earnings ratio of 14.75, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 earnings per share. As a group, sell-side analysts expect that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America announced that its board has initiated a share buyback program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.47%. Bank of America’s dividend payout ratio is 36.62%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Jefferies Financial Group raised their price objective on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, September 3rd. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley dropped their price target on Bank of America from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $42.27.

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.