J.P. Marvel Investment Advisors LLC Has $11.65 Million Stock Position in Bank of America Co. (NYSE:BAC)

J.P. Marvel Investment Advisors LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 0.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 293,684 shares of the financial services provider’s stock after selling 427 shares during the period. Bank of America accounts for about 1.9% of J.P. Marvel Investment Advisors LLC’s holdings, making the stock its 13th biggest holding. J.P. Marvel Investment Advisors LLC’s holdings in Bank of America were worth $11,653,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Delos Wealth Advisors LLC raised its holdings in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the period. Fairway Wealth LLC bought a new stake in Bank of America in the second quarter valued at approximately $27,000. POM Investment Strategies LLC lifted its position in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America during the 2nd quarter worth approximately $30,000. Finally, Clearstead Trust LLC increased its holdings in shares of Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 834 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total value of $90,533,647.05. Following the sale, the insider now directly owns 812,041,811 shares in the company, valued at approximately $31,888,881,917.97. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total value of $90,533,647.05. Following the completion of the transaction, the insider now owns 812,041,811 shares of the company’s stock, valued at $31,888,881,917.97. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s 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 sale, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,067,817 shares of company stock valued at $4,548,518,070. 0.29% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. 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 report on Friday, October 18th. Keefe, Bruyette & Woods raised their target price 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. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. BMO Capital Markets increased their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Finally, Oppenheimer boosted their price objective on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $43.69.

Bank of America Stock Performance

Shares of Bank of America stock opened at $44.77 on Friday. The company has a 50 day moving average of $40.72 and a 200-day moving average of $39.96. The company has a market cap of $343.51 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 1.40 and a beta of 1.32. 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 Co. has a 1-year low of $27.34 and a 1-year high of $45.55.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping 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 firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the company earned $0.90 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. As a group, equities research analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

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.