Private Advisor Group LLC Buys 48,151 Shares of Bank of America Corporation (BAC)

Private Advisor Group LLC grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 9.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 539,607 shares of the financial services provider’s stock after acquiring an additional 48,151 shares during the period. Private Advisor Group LLC’s holdings in Bank of America Corporation were worth $13,430,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of BAC. MUFG Americas Holdings Corp raised its position in shares of Bank of America Corporation by 7.4% in the first quarter. MUFG Americas Holdings Corp now owns 79,104 shares of the financial services provider’s stock worth $1,866,000 after buying an additional 5,424 shares in the last quarter. LS Investment Advisors LLC raised its position in shares of Bank of America Corporation by 174.3% in the first quarter. LS Investment Advisors LLC now owns 859,103 shares of the financial services provider’s stock worth $20,266,000 after buying an additional 545,956 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Bank of America Corporation by 15.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,366,657 shares of the financial services provider’s stock worth $79,419,000 after buying an additional 448,230 shares in the last quarter. Crawford Investment Counsel Inc. raised its position in shares of Bank of America Corporation by 4.2% in the first quarter. Crawford Investment Counsel Inc. now owns 14,797 shares of the financial services provider’s stock worth $349,000 after buying an additional 597 shares in the last quarter. Finally, Private Wealth Advisors Inc. raised its position in shares of Bank of America Corporation by 24.4% in the first quarter. Private Wealth Advisors Inc. now owns 34,188 shares of the financial services provider’s stock worth $806,000 after buying an additional 6,705 shares in the last quarter. Hedge funds and other institutional investors own 62.19% of the company’s stock.

Bank of America Corporation (NYSE BAC) opened at $26.62 on Friday. Bank of America Corporation has a 1-year low of $19.87 and a 1-year high of $27.98. The stock has a market cap of $277,662.84, a P/E ratio of 15.21, a PEG ratio of 1.84 and a beta of 1.31. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91.

Bank of America Corporation (NYSE:BAC) last released its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The firm had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. During the same period last year, the business earned $0.41 earnings per share. The business’s revenue was up 2.1% on a year-over-year basis. sell-side analysts predict that Bank of America Corporation will post 1.8 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.80%. Bank of America Corporation’s payout ratio is 27.43%.

A number of brokerages recently issued reports on BAC. BidaskClub upgraded Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. UBS AG set a $27.00 price target on Bank of America Corporation and gave the company a “hold” rating in a research report on Monday, October 16th. BMO Capital Markets restated a “market perform” rating and set a $29.00 price target (up previously from $27.00) on shares of Bank of America Corporation in a research report on Monday, October 16th. Wells Fargo & Company began coverage on Bank of America Corporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price target on the stock. Finally, Robert W. Baird restated a “hold” rating and set a $24.00 price target on shares of Bank of America Corporation in a research report on Sunday, October 1st. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $25.82.

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Bank of America Corporation Company Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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

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