Turtle Creek Wealth Advisors LLC Buys 1,263 Shares of Bank of America Co. (NYSE:BAC)

Turtle Creek Wealth Advisors LLC grew its stake in shares of Bank of America Co. (NYSE:BAC) by 10.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,894 shares of the financial services provider’s stock after acquiring an additional 1,263 shares during the quarter. Turtle Creek Wealth Advisors LLC’s holdings in Bank of America were worth $512,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BAC. McAdam LLC raised its holdings in Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after buying an additional 238 shares during the last quarter. Integrity Financial Corp WA lifted its position in 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 acquiring an additional 240 shares in the last quarter. BTC Capital Management Inc. boosted its stake in Bank of America by 1.2% during 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 last quarter. Central Bank & Trust Co. increased its holdings 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 worth $75,000 after purchasing an additional 248 shares in the last quarter. Finally, SNS Financial Group LLC raised its stake in shares of Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 248 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC traded up $0.85 during mid-day trading on Friday, reaching $46.75. The stock had a trading volume of 40,488,863 shares, compared to its average volume of 38,721,895. The business’s 50 day moving average price is $41.49 and its 200 day moving average price is $40.33. Bank of America Co. has a 1 year low of $29.22 and a 1 year high of $46.84. The company has a market cap of $358.71 billion, a P/E ratio of 17.00, a price-to-earnings-growth ratio of 1.55 and a beta of 1.32. 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 (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 10.09% and a net margin of 12.48%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.90 EPS. Research analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a stock repurchase program 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 programs are usually an indication that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 107,883,988 shares of company stock worth $4,344,741,752. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, September 3rd. Oppenheimer raised their price target on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Wells Fargo & Company increased their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday. Morgan Stanley boosted their target price on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, Citigroup raised shares of 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 investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently 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.