Vontobel Holding Ltd. Has $8.25 Million Holdings in Bank of America Co. (NYSE:BAC)

Vontobel Holding Ltd. grew its position in shares of Bank of America Co. (NYSE:BAC) by 33.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 207,961 shares of the financial services provider’s stock after acquiring an additional 51,903 shares during the period. Vontobel Holding Ltd.’s holdings in Bank of America were worth $8,252,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in BAC. McAdam LLC lifted its stake in Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after acquiring an additional 238 shares during the last quarter. BTC Capital Management Inc. raised its holdings in shares of Bank of America by 1.2% during the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 248 shares in the last quarter. Central Bank & Trust Co. lifted its stake in shares of Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 248 shares during the last quarter. SNS Financial Group LLC boosted its holdings in Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 248 shares in the last quarter. Finally, Verdence Capital Advisors LLC increased its position in Bank of America by 0.3% during the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after buying an additional 251 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BAC. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. BMO Capital Markets lifted their target price on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Oppenheimer raised their price target on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, Morgan Stanley raised their target price on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $42.62.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the sale, the insider now directly owns 835,908,435 shares in the company, valued at $34,088,345,979.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The trade was 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. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the sale, the insider now directly owns 835,908,435 shares in the company, valued at $34,088,345,979.30. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 144,633,120 shares of company stock valued at $5,862,871,640. Corporate insiders own 0.29% of the company’s stock.

Bank of America Trading Down 0.4 %

Shares of BAC opened at $42.61 on Friday. The stock has a 50 day simple moving average of $39.81 and a 200-day simple moving average of $39.38. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market cap of $333.23 billion, a PE ratio of 14.74, a PEG ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period last year, the business earned $0.90 earnings per share. The business’s revenue was up .4% on a year-over-year basis. On average, sell-side analysts predict that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.44%. Bank of America’s dividend payout ratio is 35.99%.

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

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.