Schrum Private Wealth Management LLC Buys 11,649 Shares of Bank of America Co. (NYSE:BAC)

Schrum Private Wealth Management LLC grew its stake in Bank of America Co. (NYSE:BAC) by 96.1% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,768 shares of the financial services provider’s stock after purchasing an additional 11,649 shares during the quarter. Schrum Private Wealth Management LLC’s holdings in Bank of America were worth $943,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Quent Capital LLC lifted its position in shares of Bank of America by 3.6% during the first 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 in the last quarter. TBH Global Asset Management LLC boosted its stake in shares of Bank of America by 10.9% in the 1st quarter. TBH Global Asset Management LLC now owns 18,033 shares of the financial services provider’s stock worth $684,000 after buying an additional 1,769 shares during the last quarter. Kingsview Wealth Management LLC grew its holdings in shares of Bank of America by 6.4% in the first quarter. Kingsview Wealth Management LLC now owns 90,957 shares of the financial services provider’s stock valued at $3,449,000 after acquiring an additional 5,496 shares in the last quarter. Renasant Bank bought a new position in shares of Bank of America in the first quarter valued at approximately $212,000. Finally, Orion Portfolio Solutions LLC increased its position in shares of Bank of America by 1.1% during the first quarter. Orion Portfolio Solutions LLC now owns 187,026 shares of the financial services provider’s stock valued at $7,092,000 after acquiring an additional 1,998 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BAC. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Phillip Securities upgraded shares of 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 restated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods upped their price objective 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. Finally, Cfra reissued a “sell” rating and set a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.69.

Bank of America Price Performance

Shares of BAC stock traded up $0.44 during trading hours on Wednesday, hitting $46.30. 11,622,252 shares of the company’s stock were exchanged, compared to its average volume of 38,607,750. Bank of America Co. has a 12-month low of $28.47 and a 12-month high of $46.52. The company has a market capitalization of $355.25 billion, a PE ratio of 16.81, a PEG ratio of 1.56 and a beta of 1.32. The business’s 50 day simple moving average is $41.11 and its 200-day simple moving average is $40.18. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the previous year, the firm posted $0.90 earnings per share. The firm’s revenue for the quarter was up .4% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

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

Bank of America announced that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the completion of the transaction, the insider now directly owns 812,041,811 shares of the company’s stock, valued at approximately $31,888,881,917.97. This represents 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 hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred 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 sale, the insider now directly 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total value of $90,533,647.05. Following the completion of the transaction, the insider now directly owns 812,041,811 shares of the company’s stock, valued at $31,888,881,917.97. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,067,817 shares of company stock valued at $4,548,518,070 over the last three months. 0.29% of the stock is owned by company 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.