Bank of America Co. (NYSE:BAC) Shares Purchased by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 1,088.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 235,310 shares of the financial services provider’s stock after purchasing an additional 215,512 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Bank of America were worth $10,342,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Accent Capital Management LLC raised its stake in Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after acquiring an additional 11,873 shares during the last quarter. Summit Global Investments raised its stake in shares of Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares during the period. Baker Avenue Asset Management LP grew its position in Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after buying an additional 33,983 shares during the last quarter. Finally, Copley Financial Group Inc. acquired a new position in Bank of America in the 3rd quarter valued at $550,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on BAC shares. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $48.00 to $55.00 in a report on Monday, December 9th. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 7th. Evercore ISI boosted their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Phillip Securities upgraded shares of 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. One analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Trading Down 0.0 %

Shares of Bank of America stock traded down $0.02 during trading hours on Monday, reaching $45.09. 34,288,388 shares of the company’s stock were exchanged, compared to its average volume of 33,709,824. The firm has a market capitalization of $345.97 billion, a price-to-earnings ratio of 16.40, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. 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 Co. has a 52-week low of $31.27 and a 52-week high of $48.08. The company has a fifty day moving average of $45.53 and a 200-day moving average of $42.22.

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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the company earned $0.90 EPS. The firm’s quarterly revenue was up .4% on a year-over-year basis. Sell-side analysts forecast that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 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.