Brophy Wealth Management LLC Acquires Shares of 10,937 Bank of America Co. (NYSE:BAC)

Brophy Wealth Management LLC acquired a new stake in Bank of America Co. (NYSE:BAC - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 10,937 shares of the financial services provider's stock, valued at approximately $434,000.

Other institutional investors have also added to or reduced their stakes in the company. SteelPeak Wealth LLC lifted its stake in Bank of America by 37.7% in the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider's stock valued at $2,163,000 after purchasing an additional 14,901 shares during the last quarter. Corundum Group Inc. lifted its stake in shares of Bank of America by 46.8% in the 2nd quarter. Corundum Group Inc. now owns 36,711 shares of the financial services provider's stock valued at $1,460,000 after acquiring an additional 11,695 shares during the last quarter. Red Door Wealth Management LLC boosted its holdings in shares of Bank of America by 5.3% during the 2nd quarter. Red Door Wealth Management LLC now owns 161,260 shares of the financial services provider's stock valued at $6,413,000 after acquiring an additional 8,187 shares in the last quarter. Archford Capital Strategies LLC bought a new stake in Bank of America during the 2nd quarter worth $271,000. Finally, Welch Group LLC raised its position in Bank of America by 5.8% in the second quarter. Welch Group LLC now owns 42,621 shares of the financial services provider's stock valued at $1,695,000 after purchasing an additional 2,327 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 0.7 %

NYSE:BAC traded up $0.31 on Wednesday, hitting $46.06. The stock had a trading volume of 36,787,279 shares, compared to its average volume of 38,303,875. The company has a market cap of $353.41 billion, a PE ratio of 16.59, a P/E/G ratio of 1.58 and a beta of 1.33. Bank of America Co. has a 52 week low of $30.45 and a 52 week high of $48.08. The business's fifty day moving average is $44.00 and its 200 day moving average is $41.37. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts' consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the firm earned $0.90 earnings per share. The business's quarterly revenue was up .4% compared to the same quarter last year. On average, equities research analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America's dividend payout ratio (DPR) is presently 37.82%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BAC. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a "hold" rating to a "buy" rating and set a $45.00 price target on the stock in a report on Tuesday, September 3rd. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an "outperform" rating in a research report on Tuesday, December 3rd. Barclays boosted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 16th. Morgan Stanley lowered Bank of America from an "overweight" rating to an "equal weight" rating and raised their target price for the stock from $48.00 to $55.00 in a research report on Monday. Finally, Citigroup upgraded Bank of America from a "neutral" rating to a "buy" rating and upped their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and an average price target of $45.92.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 55,223,897 shares of company stock worth $2,232,505,985 over the last 90 days. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Company 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.