Atlanta Consulting Group Advisors LLC Acquires 27,917 Shares of Bank of America Co. (NYSE:BAC)

Atlanta Consulting Group Advisors LLC lifted its holdings in Bank of America Co. (NYSE:BAC) by 144.8% in the 3rd quarter, Holdings Channel reports. The firm owned 47,192 shares of the financial services provider’s stock after buying an additional 27,917 shares during the quarter. Atlanta Consulting Group Advisors LLC’s holdings in Bank of America were worth $1,873,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. McAdam LLC grew its position in shares of Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 238 shares during the period. Integrity Financial Corp WA boosted its holdings in shares of Bank of America by 1.6% in the third 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 period. BTC Capital Management Inc. increased its position in shares of Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after acquiring an additional 248 shares in the last quarter. Central Bank & Trust Co. increased its position in shares of Bank of America by 15.1% during the second 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 in the last quarter. Finally, SNS Financial Group LLC raised its holdings in shares of Bank of America by 3.3% during the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after acquiring an additional 248 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Insider Activity

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’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 completion of the sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 107,883,988 shares of company stock worth $4,344,741,752. 0.29% of the stock is currently owned by company insiders.

Bank of America Trading Up 1.9 %

Shares of Bank of America stock opened at $46.75 on Friday. Bank of America Co. has a 52-week low of $29.22 and a 52-week high of $46.84. The stock has a market cap of $358.71 billion, a PE ratio of 17.00, a PEG ratio of 1.58 and a beta of 1.32. The firm has a 50-day moving average of $41.49 and a 200-day moving average of $40.35. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the prior year, the business posted $0.90 EPS. The business’s revenue was up .4% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America declared that its board has approved a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Bank of America Dividend Announcement

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 paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.22%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Keefe, Bruyette & Woods increased their price objective on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. Evercore ISI raised their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company lifted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

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.