Atomi Financial Group Inc. Increases Position in Bank of America Co. (NYSE:BAC)

Atomi Financial Group Inc. boosted its position in Bank of America Co. (NYSE:BAC) by 11.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 143,888 shares of the financial services provider’s stock after acquiring an additional 14,767 shares during the quarter. Atomi Financial Group Inc.’s holdings in Bank of America were worth $5,709,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Fairway Wealth LLC bought a new stake in Bank of America in the 2nd quarter worth approximately $27,000. Delos Wealth Advisors LLC raised its stake in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares in the last quarter. POM Investment Strategies LLC lifted its holdings 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 acquiring an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America in the 2nd quarter valued at $30,000. Finally, Livelsberger Financial Advisory bought a new position in shares of Bank of America during the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on BAC shares. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $48.00 target price (up previously from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Jefferies Financial Group boosted their price objective on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Oppenheimer raised their target price on shares of Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Barclays upped their price target on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Finally, Cfra reissued a “sell” rating and issued a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.27.

Bank of America Stock Up 0.1 %

Shares of BAC traded up $0.02 during mid-day trading on Tuesday, reaching $39.98. The company had a trading volume of 7,701,657 shares, compared to its average volume of 38,833,922. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $312.66 billion, a price-to-earnings ratio of 13.85, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. The firm has a 50-day moving average price of $39.34 and a 200 day moving average price of $39.18.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.88 earnings per share. On average, sell-side analysts forecast that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.60%. The ex-dividend date was Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is currently 35.99%.

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

Insider Activity

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of Bank of America stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $40.05, for a total value of $163,250,568.45. Following the completion of the sale, the insider now owns 784,549,933 shares of the company’s stock, valued at approximately $31,421,224,816.65. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 156,918,857 shares of company stock worth $6,421,694,213 over the last 90 days. 0.29% of the stock is currently owned by 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.