Axxcess Wealth Management LLC Acquires 14,407 Shares of Bank of America Co. (NYSE:BAC)

Axxcess Wealth Management LLC raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 7.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 196,761 shares of the financial services provider’s stock after purchasing an additional 14,407 shares during the period. Axxcess Wealth Management LLC’s holdings in Bank of America were worth $7,807,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. lifted its holdings 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 buying an additional 36,124,363 shares during the period. AMF Tjanstepension AB lifted its stake in shares of Bank of America by 959.6% in the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after purchasing an additional 8,447,091 shares during the period. Swedbank AB purchased a new position in shares of Bank of America in the 1st quarter valued at approximately $261,923,000. 1832 Asset Management L.P. boosted its position in shares of 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 grew its stake in 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. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Tuesday, September 3rd. Barclays boosted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Morgan Stanley upped their price objective 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. BMO Capital Markets lifted their target price 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, Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $46.00 to $54.00 in a research note on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $43.69.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $39.31, for a total value of $203,776,317.99. Following the transaction, the insider now directly owns 937,246,053 shares in the company, valued at approximately $36,843,142,343.43. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the sale, the insider now owns 937,246,053 shares in the company, valued at approximately $36,843,142,343.43. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,067,817 shares of company stock worth $4,548,518,070. 0.29% of the stock is owned by company insiders.

Bank of America Trading Up 0.8 %

NYSE:BAC opened at $45.13 on Friday. The company has a market cap of $346.28 billion, a PE ratio of 16.41, a price-to-earnings-growth ratio of 1.54 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. The company has a 50 day simple moving average of $40.90 and a two-hundred day simple moving average of $40.04. Bank of America Co. has a 12 month low of $27.34 and a 12 month high of $45.55.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.90 earnings per share. Research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Bank of America announced that its Board of Directors 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 repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.