Avestar Capital LLC Purchases 1,659 Shares of Bank of America Co. (NYSE:BAC)

Avestar Capital LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 4.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 42,022 shares of the financial services provider’s stock after buying an additional 1,659 shares during the quarter. Avestar Capital LLC’s holdings in Bank of America were worth $1,667,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the second quarter valued at approximately $27,000. POM Investment Strategies LLC increased its stake 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 valued at $29,000 after buying an additional 646 shares during the last quarter. Kennebec Savings Bank bought a new stake in Bank of America during the 3rd quarter worth about $29,000. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the 2nd quarter worth about $30,000. Finally, Christopher J. Hasenberg Inc grew its holdings in shares of 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 acquiring an additional 852 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock in a transaction 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 transaction, the insider now owns 812,041,811 shares in the company, valued at approximately $31,888,881,917.97. This trade represents a 0.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders sold 85,027,690 shares of company stock worth $3,435,115,636. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Stock Down 0.1 %

BAC stock opened at $47.46 on Tuesday. Bank of America Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.74. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $364.15 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 1.59 and a beta of 1.32. The business’s fifty day moving average price is $42.41 and its two-hundred day moving average price is $40.76.

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

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.19%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Oppenheimer upped their target price on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Evercore ISI increased their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.26.

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.