EP Wealth Advisors LLC Purchases Shares of 191,147 Bank of America Corp (NYSE:BAC)

EP Wealth Advisors LLC purchased a new position in Bank of America Corp (NYSE:BAC) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 191,147 shares of the financial services provider’s stock, valued at approximately $5,576,000.

Other hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Bank of America by 35.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 74,659,166 shares of the financial services provider’s stock valued at $2,165,116,000 after buying an additional 19,688,816 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Bank of America by 1,905.2% during the second quarter. Nuveen Asset Management LLC now owns 60,055,337 shares of the financial services provider’s stock valued at $1,741,604,000 after buying an additional 57,060,331 shares during the last quarter. Boston Partners grew its holdings in shares of Bank of America by 5.3% during the third quarter. Boston Partners now owns 50,203,449 shares of the financial services provider’s stock valued at $1,465,640,000 after buying an additional 2,542,808 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Bank of America by 2.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 40,115,997 shares of the financial services provider’s stock valued at $1,163,364,000 after buying an additional 773,712 shares during the last quarter. Finally, Primecap Management Co. CA grew its holdings in shares of Bank of America by 1.6% during the second quarter. Primecap Management Co. CA now owns 36,402,261 shares of the financial services provider’s stock valued at $1,055,666,000 after buying an additional 573,200 shares during the last quarter. 69.20% of the stock is currently owned by institutional investors and hedge funds.

In other news, insider Kathleen A. Knox sold 40,000 shares of the business’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $30.23, for a total value of $1,209,200.00. Following the sale, the insider now directly owns 43,744 shares in the company, valued at approximately $1,322,381.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frank P. Bramble sold 6,500 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total transaction of $203,645.00. Following the completion of the sale, the director now owns 50,000 shares in the company, valued at $1,566,500. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

Shares of BAC stock traded up $0.31 on Wednesday, hitting $33.15. 46,634,567 shares of the stock traded hands, compared to its average volume of 55,003,762. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.92 and a quick ratio of 0.91. The firm has a market cap of $299.00 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 1.28 and a beta of 1.63. The firm has a 50 day simple moving average of $32.32 and a two-hundred day simple moving average of $29.46. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $33.75.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The company had revenue of $22.96 billion for the quarter, compared to the consensus estimate of $22.73 billion. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. Bank of America’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.66 EPS. Sell-side analysts forecast that Bank of America Corp will post 2.89 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.72 dividend on an annualized basis and a yield of 2.17%. Bank of America’s dividend payout ratio is currently 27.59%.

A number of equities research analysts have recently commented on the stock. Odeon Capital Group upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Monday, October 28th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $33.00 price target (up previously from $30.00) on shares of Bank of America in a report on Monday, November 4th. DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. Keefe, Bruyette & Woods cut shares of Bank of America from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $36.00 to $29.00 in a report on Thursday, September 5th. Finally, Wells Fargo & Co set a $34.00 target price on shares of Bank of America and gave the stock a “buy” rating in a report on Tuesday, October 15th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have given a buy rating to the stock. Bank of America has an average rating of “Hold” and a consensus price target of $33.05.

Bank of America 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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