Burkett Financial Services LLC Acquires 477 Shares of Bank of America Co. (NYSE:BAC)

Burkett Financial Services LLC boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,123 shares of the financial services provider’s stock after buying an additional 477 shares during the quarter. Bank of America makes up about 0.3% of Burkett Financial Services LLC’s investment portfolio, making the stock its 26th largest holding. Burkett Financial Services LLC’s holdings in Bank of America were worth $759,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fairway Wealth LLC bought a new position in Bank of America in the 2nd quarter worth approximately $27,000. Delos Wealth Advisors LLC lifted its stake in Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares in the last quarter. POM Investment Strategies LLC boosted its holdings in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC bought a new position in Bank of America during the second quarter valued at approximately $30,000. Finally, Livelsberger Financial Advisory purchased a new position in Bank of America during the 4th quarter valued at approximately $28,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 156,918,857 shares of company stock worth $6,421,694,213. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Morgan Stanley lowered their target price on Bank of America from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Monday, September 30th. Evercore ISI boosted their target price on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Oppenheimer raised their price objective on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Finally, Cfra reissued a “sell” rating and set a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

Bank of America Price Performance

BAC traded up $0.08 during trading on Wednesday, hitting $40.01. The company’s stock had a trading volume of 5,837,085 shares, compared to its average volume of 38,758,668. The firm has a market capitalization of $312.89 billion, a price-to-earnings ratio of 13.84, a P/E/G ratio of 1.37 and a beta of 1.33. The business’s fifty day simple moving average is $39.31 and its 200 day simple moving average is $39.20. 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 twelve month low of $24.96 and a twelve month high of $44.44.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the previous year, the company posted $0.88 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America announced that its board has authorized a share buyback plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a $0.26 dividend. The ex-dividend date was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.60%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is currently 35.99%.

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.