13,859 Shares in Bank of America Co. (NYSE:BAC) Purchased by Copley Financial Group Inc.

Copley Financial Group Inc. acquired a new position in Bank of America Co. (NYSE:BAC - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 13,859 shares of the financial services provider's stock, valued at approximately $550,000.

A number of other large investors also recently modified their holdings of the stock. Valley National Advisers Inc. increased its holdings in Bank of America by 13.3% during the second quarter. Valley National Advisers Inc. now owns 11,369 shares of the financial services provider's stock worth $452,000 after buying an additional 1,336 shares during the last quarter. Rovin Capital UT ADV grew its holdings in Bank of America by 8.1% during the second quarter. Rovin Capital UT ADV now owns 9,604 shares of the financial services provider's stock valued at $382,000 after purchasing an additional 720 shares during the period. Brookstone Capital Management increased its position in Bank of America by 11.5% in the second quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider's stock worth $8,628,000 after buying an additional 20,309 shares during the last quarter. Intellectus Partners LLC lifted its position in shares of Bank of America by 1.2% during the 2nd quarter. Intellectus Partners LLC now owns 44,219 shares of the financial services provider's stock valued at $1,759,000 after buying an additional 504 shares during the last quarter. Finally, Davis Investment Partners LLC increased its holdings in Bank of America by 17.2% in the 2nd quarter. Davis Investment Partners LLC now owns 80,333 shares of the financial services provider's stock worth $3,341,000 after acquiring an additional 11,780 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BAC shares. Morgan Stanley downgraded shares of Bank of America from an "overweight" rating to an "equal weight" rating and lifted their target price for the stock from $48.00 to $55.00 in a research note on Monday. Oppenheimer increased their target price on Bank of America from $50.00 to $56.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 5th. Evercore ISI boosted their price objective 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. Keefe, Bruyette & Woods lifted their target price on Bank of America from $50.00 to $57.00 and gave the company an "outperform" rating in a report on Tuesday, December 3rd. Finally, Phillip Securities upgraded shares of Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $45.92.

Bank of America Trading Down 0.9 %

BAC stock traded down $0.40 during midday trading on Friday, hitting $45.68. The company had a trading volume of 32,899,230 shares, compared to its average volume of 38,222,914. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08. The stock has a market cap of $350.50 billion, a price-to-earnings ratio of 16.57, a PEG ratio of 1.56 and a beta of 1.33. The stock's 50 day moving average price is $44.27 and its 200 day moving average price is $41.43.

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

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.28%. Bank of America's dividend payout ratio is 37.82%.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the business's stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $39.58, for a total value of $156,981,325.24. Following the sale, the insider now directly owns 854,214,328 shares of the company's stock, valued at $33,809,803,102.24. The trade was a 0.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 55,223,897 shares of company stock valued at $2,232,505,985. Corporate insiders own 0.29% 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 four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.