Summit Trail Advisors LLC Raises Position in Bank of America Co. (NYSE:BAC)

Summit Trail Advisors LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 139,480 shares of the financial services provider’s stock after purchasing an additional 1,524 shares during the quarter. Summit Trail Advisors LLC’s holdings in Bank of America were worth $5,535,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 2nd quarter worth $27,000. POM Investment Strategies LLC raised its position in shares of 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 buying an additional 646 shares during the period. Kennebec Savings Bank acquired a new stake in Bank of America in the 3rd quarter valued at $29,000. Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the 2nd quarter valued at $30,000. Finally, Christopher J. Hasenberg Inc increased its holdings in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.2 %

Shares of Bank of America stock opened at $47.00 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $360.63 billion, a P/E ratio of 17.09, a P/E/G ratio of 1.57 and a beta of 1.32. Bank of America Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.22. The business has a 50-day moving average price of $42.24 and a 200 day moving average price of $40.67.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share 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 firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the company earned $0.90 earnings per share. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. On average, sell-side 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 business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders 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 dividend on an annualized basis and a yield of 2.21%. Bank of America’s payout ratio is currently 37.82%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BAC. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a report on Friday, October 18th. Keefe, Bruyette & Woods increased their price target on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Barclays increased their price target on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $44.26.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America 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 in the company, valued at $31,888,881,917.97. The trade was a 0.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 96,094,698 shares of company stock worth $3,876,350,805 over the last ninety days. Company insiders own 0.29% of the company’s stock.

About Bank of America

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.