Aprio Wealth Management LLC Boosts Stock Position in Bank of America Co. (NYSE:BAC)

Aprio Wealth Management LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 14.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,577 shares of the financial services provider’s stock after purchasing an additional 1,880 shares during the period. Aprio Wealth Management LLC’s holdings in Bank of America were worth $351,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in BAC. Strategic Investment Advisors MI increased its position in shares of Bank of America by 30.3% in the 3rd quarter. Strategic Investment Advisors MI now owns 18,317 shares of the financial services provider’s stock worth $441,000 after purchasing an additional 4,255 shares during the last quarter. Atalanta Sosnoff Capital LLC grew its stake in Bank of America by 24.8% in the third quarter. Atalanta Sosnoff Capital LLC now owns 3,317,122 shares of the financial services provider’s stock worth $79,909,000 after purchasing an additional 659,874 shares in the last quarter. BTC Capital Management Inc. grew its stake in Bank of America by 15.5% in the third quarter. BTC Capital Management Inc. now owns 94,007 shares of the financial services provider’s stock worth $2,267,000 after purchasing an additional 12,622 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in Bank of America by 122.9% in the third quarter. Avantax Advisory Services Inc. now owns 354,104 shares of the financial services provider’s stock valued at $8,512,000 after buying an additional 195,240 shares during the last quarter. Finally, Sabal Trust CO raised its stake in Bank of America by 58.6% during the third quarter. Sabal Trust CO now owns 14,248 shares of the financial services provider’s stock valued at $343,000 after buying an additional 5,265 shares in the last quarter. Institutional investors own 68.19% of the company’s stock.

Shares of Bank of America stock opened at $24.24 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.93 and a quick ratio of 0.92. Bank of America Co. has a 1-year low of $17.95 and a 1-year high of $35.72. The business’s fifty day moving average price is $25.04 and its two-hundred day moving average price is $24.25. The company has a market capitalization of $210.02 billion, a P/E ratio of 11.71, a PEG ratio of 2.12 and a beta of 1.54.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.02). The company had revenue of $20.30 billion for the quarter, compared to the consensus estimate of $20.88 billion. Bank of America had a net margin of 19.09% and a return on equity of 9.11%. Bank of America’s revenue for the quarter was down 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.75 earnings per share. On average, research analysts expect that Bank of America Co. will post 1.73 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.97%. Bank of America’s dividend payout ratio (DPR) is 24.49%.

Several equities research analysts recently issued reports on BAC shares. DA Davidson lowered Bank of America from a “buy” rating to a “neutral” rating and dropped their price target for the company from $27.00 to $25.00 in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and increased their target price for the stock from $27.00 to $29.00 in a report on Thursday, September 3rd. Societe Generale raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Tuesday, July 7th. Royal Bank of Canada set a $28.00 price objective on shares of Bank of America and gave the company a “buy” rating in a research report on Wednesday. Finally, Wells Fargo & Company cut shares of Bank of America to a “sell” rating in a report on Friday, July 10th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $29.31.

In related news, major shareholder Berkshire Hathaway Inc acquired 16,424,366 shares of the firm’s stock in a transaction dated Monday, July 27th. The stock was acquired at an average cost of $24.22 per share, for a total transaction of $397,798,144.52. Over the last ninety days, insiders bought 85,092,006 shares of company stock valued at $2,070,253,228. Company insiders own 0.20% of the company’s stock.

About Bank of America

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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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