Truvestments Capital LLC Invests $73,000 in Bank of America Co. (NYSE:BAC)

Truvestments Capital LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,850 shares of the financial services provider’s stock, valued at approximately $73,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. McAdam LLC lifted its stake in shares of Bank of America by 2.1% during 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 period. Integrity Financial Corp WA lifted its position in Bank of America by 1.6% during the third 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. lifted its position in Bank of America by 1.2% during the second 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. Central Bank & Trust Co. lifted its position in Bank of America by 15.1% during the second 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. Finally, SNS Financial Group LLC lifted its position in Bank of America by 3.3% during the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 248 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $39.57, for a total value of $68,114,452.62. Following the sale, the insider now directly owns 861,175,131 shares in the company, valued at approximately $34,076,699,933.67. This trade represents a 0.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have sold 77,946,615 shares of company stock worth $3,152,226,690. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Stock Performance

Shares of BAC stock opened at $47.74 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 52 week low of $29.32 and a 52 week high of $47.84. The stock has a market capitalization of $366.26 billion, a PE ratio of 17.36, a P/E/G ratio of 1.61 and a beta of 1.32. The firm has a 50 day moving average of $42.57 and a two-hundred day moving average of $40.82.

Bank of America (NYSE:BAC) last issued its quarterly earnings results 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. 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 during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter last year, the company posted $0.90 EPS. The firm’s revenue was up .4% compared to the same quarter last year. On average, research analysts predict that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on BAC shares. Wells Fargo & Company boosted their target price 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, November 15th. Oppenheimer lifted their price objective 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. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Barclays lifted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.