Strategic Investment Advisors MI Acquires 4,255 Shares of Bank of America Co. (NYSE:BAC)

Strategic Investment Advisors MI increased its holdings in Bank of America Co. (NYSE:BAC) by 30.3% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,317 shares of the financial services provider’s stock after purchasing an additional 4,255 shares during the period. Strategic Investment Advisors MI’s holdings in Bank of America were worth $441,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Ninety One North America Inc. grew its position in Bank of America by 0.5% during the 2nd quarter. Ninety One North America Inc. now owns 75,114 shares of the financial services provider’s stock worth $2,646,000 after acquiring an additional 387 shares during the last quarter. Pegasus Asset Management Inc. lifted its position in Bank of America by 0.5% in the third quarter. Pegasus Asset Management Inc. now owns 87,934 shares of the financial services provider’s stock valued at $2,118,000 after purchasing an additional 401 shares during the last quarter. Truewealth LLC boosted its stake in shares of Bank of America by 1.4% during the second quarter. Truewealth LLC now owns 29,756 shares of the financial services provider’s stock valued at $707,000 after purchasing an additional 412 shares during the period. Cypress Wealth Services LLC grew its holdings in shares of Bank of America by 2.7% in the second quarter. Cypress Wealth Services LLC now owns 17,077 shares of the financial services provider’s stock worth $406,000 after purchasing an additional 449 shares during the last quarter. Finally, Intersect Capital LLC increased its stake in shares of Bank of America by 1.2% in the second quarter. Intersect Capital LLC now owns 37,679 shares of the financial services provider’s stock worth $895,000 after buying an additional 450 shares during the period. 68.19% of the stock is currently owned by institutional investors.

Shares of BAC stock opened at $24.24 on Friday. The company’s fifty day moving average price is $25.04 and its 200-day moving average price is $24.25. The stock has a market cap of $210.02 billion, a PE ratio of 11.71, a price-to-earnings-growth ratio of 2.12 and a beta of 1.54. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 1.08. Bank of America Co. has a 12 month low of $17.95 and a 12 month high of $35.72.

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

The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $0.72 annualized dividend and a dividend yield of 2.97%. Bank of America’s payout ratio is 24.49%.

A number of equities research analysts have issued reports on BAC shares. JPMorgan Chase & Co. raised their price target on shares of Bank of America from $26.00 to $27.50 and gave the stock an “overweight” rating in a report on Tuesday, October 6th. Wells Fargo & Company lowered shares of Bank of America to a “sell” rating in a report on Friday, July 10th. Oppenheimer restated a “buy” rating on shares of Bank of America in a report on Tuesday, September 8th. Royal Bank of Canada set a $28.00 price target on Bank of America and gave the company a “buy” rating in a research report on Wednesday. Finally, Societe Generale upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Tuesday, July 7th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $29.31.

In related news, major shareholder Berkshire Hathaway Inc purchased 16,424,366 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The shares were bought at an average price of $24.22 per share, for a total transaction of $397,798,144.52. Over the last three months, insiders bought 85,092,006 shares of company stock worth $2,070,253,228. 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.

Further Reading: Recession

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

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