SGL Investment Advisors Inc. Purchases Shares of 4,985 Bank of America Co. (NYSE:BAC)

SGL Investment Advisors Inc. purchased a new stake in Bank of America Co. (NYSE:BAC) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,985 shares of the financial services provider’s stock, valued at approximately $198,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fairway Wealth LLC bought a new stake in shares of Bank of America during the second quarter worth about $27,000. POM Investment Strategies LLC increased its position 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 acquiring an additional 646 shares in the last quarter. Kennebec Savings Bank bought a new stake in shares of Bank of America during the third quarter worth about $29,000. Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America during the second quarter worth about $30,000. Finally, Christopher J. Hasenberg Inc increased its position in shares of Bank of America by 525.9% during the third 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 in the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on BAC shares. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Wells Fargo & Company boosted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Evercore ISI boosted their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley boosted their price target on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $45.57.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the firm’s stock in a transaction on 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 sale, the insider now owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. This trade represents a 1.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 55,223,897 shares of company stock worth $2,232,505,985. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Stock Performance

NYSE BAC opened at $46.75 on Monday. Bank of America Co. has a 1 year low of $30.45 and a 1 year high of $48.08. 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 stock has a market capitalization of $358.71 billion, a PE ratio of 17.00, a P/E/G ratio of 1.58 and a beta of 1.33. The company’s 50 day simple moving average is $43.75 and its two-hundred day simple moving average is $41.28.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the company posted $0.90 EPS. The business’s revenue for the quarter was up .4% compared to the same quarter last year. Analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company 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 $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.22%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

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.