Baker Tilly Wealth Management LLC Acquires 572 Shares of Bank of America Co. (NYSE:BAC)

Baker Tilly Wealth Management LLC lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,611 shares of the financial services provider’s stock after buying an additional 572 shares during the quarter. Baker Tilly Wealth Management LLC’s holdings in Bank of America were worth $818,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Two Sigma Advisers LP boosted its holdings in shares of Bank of America by 31,021.6% in the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after acquiring an additional 10,175,100 shares during the period. 1832 Asset Management L.P. boosted its stake in Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after purchasing an additional 5,749,567 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its holdings in Bank of America by 193.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after buying an additional 5,015,378 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Bank of America by 3,550.7% during the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after buying an additional 4,423,215 shares during the period. Finally, D1 Capital Partners L.P. bought a new position in shares of Bank of America in the third quarter valued at approximately $174,858,000. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $43.00 to $53.00 in a research note on Tuesday. Barclays lifted their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Oppenheimer decreased their price objective on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company’s stock.

Bank of America Stock Down 2.5 %

BAC stock traded down $1.15 during midday trading on Friday, hitting $45.06. The company’s stock had a trading volume of 11,759,698 shares, compared to its average volume of 28,313,172. The company has a market cap of $345.74 billion, a PE ratio of 16.39, a P/E/G ratio of 1.55 and a beta of 1.33. The firm’s 50-day moving average is $45.46 and its 200-day moving average is $42.15. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08. 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 (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share 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 during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the firm earned $0.90 EPS. Bank of America’s revenue was up .4% on a year-over-year basis. On average, equities research 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 company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. Bank of America’s payout ratio is 37.82%.

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.