Bank of America Co. (NYSE:BAC) Shares Bought by Cassaday & Co Wealth Management LLC

Cassaday & Co Wealth Management LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 22.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,992 shares of the financial services provider’s stock after buying an additional 4,878 shares during the period. Cassaday & Co Wealth Management LLC’s holdings in Bank of America were worth $1,071,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in BAC. Quent Capital LLC grew its stake in shares of Bank of America by 3.6% in the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock valued at $1,129,000 after purchasing an additional 1,037 shares during the last quarter. Capitolis Liquid Global Markets LLC purchased a new position in shares of Bank of America in the 1st quarter valued at approximately $17,064,000. Atlanta Consulting Group Advisors LLC purchased a new position in shares of Bank of America in the 1st quarter valued at approximately $731,000. Lake Street Advisors Group LLC grew its stake in shares of Bank of America by 34.7% in the 1st quarter. Lake Street Advisors Group LLC now owns 59,145 shares of the financial services provider’s stock valued at $2,243,000 after purchasing an additional 15,241 shares during the last quarter. Finally, Oxford Financial Group LTD. LLC grew its stake in shares of Bank of America by 17.6% in the 1st quarter. Oxford Financial Group LTD. LLC now owns 9,816 shares of the financial services provider’s stock valued at $372,000 after purchasing an additional 1,470 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Keefe, Bruyette & Woods lifted their target price on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note 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. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Morgan Stanley lifted their price target on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, Evercore ISI lifted their price target on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America Stock Performance

NYSE BAC opened at $46.75 on Monday. The stock has a market cap of $358.71 billion, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32. The business has a fifty day moving average of $41.49 and a 200-day moving average of $40.37. Bank of America Co. has a fifty-two week low of $29.22 and a fifty-two week high of $46.84. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. The firm 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%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 earnings per share. As a group, analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.22%. Bank of America’s payout ratio is currently 37.82%.

Bank of America announced that its Board of Directors has approved a stock buyback 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 repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was 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 $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 102,848,970 shares of company stock worth $4,145,103,288. 0.29% of the stock is currently owned by insiders.

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.