Carson Advisory Inc. Has $2.45 Million Stake in Bank of America Co. (NYSE:BAC)

Carson Advisory Inc. reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 0.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 61,773 shares of the financial services provider’s stock after selling 334 shares during the quarter. Bank of America makes up approximately 1.5% of Carson Advisory Inc.’s portfolio, making the stock its 14th largest position. Carson Advisory Inc.’s holdings in Bank of America were worth $2,451,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Fairway Wealth LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at $27,000. Delos Wealth Advisors LLC grew its stake in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares in the last quarter. POM Investment Strategies LLC increased its position in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America during the 2nd quarter worth about $30,000. Finally, Clearstead Trust LLC lifted its holdings in shares of Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after buying an additional 834 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.8 %

NYSE BAC opened at $45.15 on Friday. Bank of America Co. has a 1-year low of $27.34 and a 1-year high of $45.55. 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 stock’s 50 day moving average is $40.90 and its two-hundred day moving average is $40.04. The company has a market capitalization of $346.43 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 1.54 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced its quarterly 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. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the firm earned $0.90 EPS. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. Equities analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. 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 dividend payout ratio (DPR) is currently 37.82%.

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research report on Friday, October 18th. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. BMO Capital Markets boosted their price target on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $46.00 to $54.00 in a report on Friday. Finally, Morgan Stanley boosted their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. One research 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 stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus 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 company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the sale, the insider now directly owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the stock in a transaction dated 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 directly owns 937,246,053 shares in the company, valued at approximately $36,843,142,343.43. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,067,817 shares of company stock valued at $4,548,518,070 in the last ninety days. Insiders own 0.29% of the company’s stock.

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.