CVA Family Office LLC Increases Stake in Bank of America Co. (NYSE:BAC)

CVA Family Office LLC grew its stake in shares of Bank of America Co. (NYSE:BAC) by 18.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,138 shares of the financial services provider’s stock after buying an additional 977 shares during the period. CVA Family Office LLC’s holdings in Bank of America were worth $244,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of BAC. Fairway Wealth LLC purchased a new position in Bank of America during the 2nd quarter valued at approximately $27,000. Delos Wealth Advisors LLC boosted its position in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the last quarter. POM Investment Strategies LLC boosted its position in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America in the second quarter valued at $30,000. Finally, Livelsberger Financial Advisory bought a new stake in Bank of America in the fourth quarter worth $28,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 5.0 %

Shares of NYSE BAC opened at $41.95 on Monday. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The firm has a market capitalization of $328.06 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 1.39 and a beta of 1.33. The stock has a 50 day moving average price of $39.41 and a 200 day moving average price of $39.27. 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 issued its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.88 EPS. Sell-side analysts expect that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend was Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America declared that its board has approved a stock repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms have recently weighed in on BAC. Morgan Stanley reduced their target price on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. BMO Capital Markets boosted their price objective on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Oppenheimer raised their price objective on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 target price (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Finally, Evercore ISI raised their price target on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $42.27.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the transaction, the insider now directly owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 160,921,082 shares of company stock worth $6,582,343,525. Corporate insiders own 0.29% of the company’s stock.

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.