FDx Advisors Inc. Invests $416,000 in Bank of America Co. (NYSE:BAC)

FDx Advisors Inc. bought a new stake in Bank of America Co. (NYSE:BAC) during the third quarter, HoldingsChannel reports. The firm bought 10,476 shares of the financial services provider’s stock, valued at approximately $416,000.

Several other large investors have also modified their holdings of BAC. McAdam LLC grew its position in shares of Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after buying an additional 238 shares during the period. Integrity Financial Corp WA raised its position in Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after buying an additional 240 shares during the last quarter. BTC Capital Management Inc. lifted its stake in Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after acquiring an additional 248 shares in the last quarter. Central Bank & Trust Co. boosted its position in Bank of America by 15.1% during the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 248 shares during the last quarter. Finally, SNS Financial Group LLC increased its stake in Bank of America by 3.3% in the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after buying an additional 248 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 2.6 %

NYSE:BAC traded up $1.19 on Monday, reaching $46.32. 11,255,732 shares of the stock traded hands, compared to its average volume of 38,592,156. The firm has a market capitalization of $355.41 billion, a price-to-earnings ratio of 16.84, a price-to-earnings-growth ratio of 1.53 and a beta of 1.32. Bank of America Co. has a 1-year low of $27.42 and a 1-year high of $46.38. 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’s 50 day moving average is $40.90 and its 200-day moving average is $40.07.

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

Bank of America declared that its Board of Directors has authorized a stock buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.25%. Bank of America’s payout ratio is currently 37.82%.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now owns 835,908,435 shares of the company’s stock, valued at approximately $34,088,345,979.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the transaction, the insider now owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,067,817 shares of company stock worth $4,548,518,070 over the last quarter. 0.29% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BAC. Barclays raised their price objective on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Evercore ISI boosted their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. BMO Capital Markets raised their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Morgan Stanley lifted their price target on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $46.00 to $54.00 in a research report on Friday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $43.69.

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.