CFS Investment Advisory Services LLC Buys Shares of 31,724 Bank of America Co. (NYSE:BAC)

CFS Investment Advisory Services LLC purchased a new stake in Bank of America Co. (NYSE:BAC - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 31,724 shares of the financial services provider's stock, valued at approximately $1,259,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. McAdam LLC grew its position in shares of Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider's stock valued at $455,000 after purchasing an additional 238 shares during the period. Integrity Financial Corp WA grew its position in shares of Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider's stock valued at $590,000 after purchasing an additional 240 shares during the period. BTC Capital Management Inc. grew its position in shares of Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider's stock valued at $805,000 after purchasing an additional 248 shares during the period. Central Bank & Trust Co. grew its position in shares of Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider's stock valued at $75,000 after purchasing an additional 248 shares during the period. Finally, SNS Financial Group LLC lifted its stake in Bank of America by 3.3% in the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider's stock valued at $310,000 after acquiring an additional 248 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

Bank of America stock traded up $0.54 during mid-day trading on Friday, hitting $47.00. 37,996,162 shares of the company's stock traded hands, compared to its average volume of 37,966,260. The firm has a 50 day simple moving average of $42.24 and a two-hundred day simple moving average of $40.67. Bank of America Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.22. The stock has a market cap of $360.63 billion, a price-to-earnings ratio of 17.09, a P/E/G ratio of 1.57 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $25.25 billion. During the same quarter last year, the firm posted $0.90 EPS. The company's quarterly revenue was up .4% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.21%. The ex-dividend date is Friday, December 6th. Bank of America's payout ratio is 37.82%.

Insiders Place Their Bets

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the firm's stock in a transaction on Monday, August 26th. The stock was sold at an average price of $39.87, for a total value of $437,573,568.96. Following the completion of the transaction, the insider now owns 910,731,659 shares in the company, valued at $36,310,871,244.33. The trade was a 1.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 96,094,698 shares of company stock worth $3,876,350,805 in the last 90 days. Company insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

BAC has been the topic of several research reports. Wells Fargo & Company boosted their target price on Bank of America from $52.00 to $56.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. Evercore ISI boosted their target price on Bank of America from $44.00 to $45.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Citigroup upgraded Bank of America from a "neutral" rating to a "buy" rating and boosted their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Royal Bank of Canada restated an "outperform" rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Finally, StockNews.com upgraded Bank of America from a "sell" rating to a "hold" rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $44.26.

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.