Providence Capital Advisors LLC Has $10.11 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Providence Capital Advisors LLC boosted its position in Bank of America Co. (NYSE:BAC) by 1.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 254,737 shares of the financial services provider’s stock after purchasing an additional 2,957 shares during the quarter. Bank of America comprises 2.0% of Providence Capital Advisors LLC’s holdings, making the stock its 6th biggest position. Providence Capital Advisors LLC’s holdings in Bank of America were worth $10,108,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Longfellow Investment Management Co. LLC boosted its holdings in Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares during the period. McAdam LLC boosted its holdings in 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 boosted its holdings 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 purchasing an additional 240 shares during the period. BTC Capital Management Inc. boosted its holdings in 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. Finally, Central Bank & Trust Co. boosted its holdings in 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. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 0.0 %

Shares of NYSE BAC opened at $47.76 on Thursday. The firm has a market capitalization of $366.46 billion, a PE ratio of 17.37, a price-to-earnings-growth ratio of 1.61 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 Co. has a 1 year low of $29.32 and a 1 year high of $47.98. The firm’s 50-day moving average is $42.73 and its 200-day moving average is $40.87.

Bank of America (NYSE:BAC) last issued its 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 net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter last year, the firm earned $0.90 EPS. The company’s revenue for the quarter was up .4% on a year-over-year basis. Equities analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,031,639 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $40.66, for a total value of $326,566,441.74. Following the completion of the transaction, the insider now owns 874,692,264 shares in the company, valued at $35,564,987,454.24. This represents a 0.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 77,946,615 shares of company stock worth $3,152,226,690. 0.29% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Morgan Stanley raised their price objective on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Barclays raised their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Evercore ISI raised their price objective on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Oppenheimer raised their price objective on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.26.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.