Alta Wealth Advisors LLC Makes New $227,000 Investment in Bank of America Co. (NYSE:BAC)

Alta Wealth Advisors LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 5,719 shares of the financial services provider’s stock, valued at approximately $227,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after purchasing an additional 36,124,363 shares during the last quarter. AMF Tjanstepension AB increased its position in Bank of America by 959.6% in the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after buying an additional 8,447,091 shares in the last quarter. Swedbank AB bought a new position in shares of Bank of America in 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 valued at $244,627,000 after purchasing an additional 5,749,567 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Bank of America by 290.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock worth $269,763,000 after purchasing an additional 5,293,000 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on BAC shares. Jefferies Financial Group raised their price target on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Cfra reiterated a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Morgan Stanley lifted their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday. Keefe, Bruyette & Woods increased 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. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.69.

Insider Transactions at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s 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 completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 144,633,120 shares of company stock valued at $5,862,871,640. 0.29% of the stock is currently owned by company insiders.

Bank of America Stock Down 0.7 %

Shares of NYSE BAC opened at $42.32 on Friday. The company has a market cap of $330.96 billion, a P/E ratio of 14.64, a PEG ratio of 1.39 and a beta of 1.33. The firm has a 50-day simple moving average of $39.89 and a two-hundred day simple moving average of $39.43. Bank of America Co. has a 1 year low of $24.96 and a 1 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.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the previous year, the business earned $0.90 EPS. Bank of America’s revenue was up .4% compared to the same quarter last year. Research analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.46%. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Bank of America declared that its Board of Directors has approved 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 stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

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.