Neville Rodie & Shaw Inc. Buys 6,831 Shares of Bank of America Co. (NYSE:BAC)

Neville Rodie & Shaw Inc. grew its holdings in Bank of America Co. (NYSE:BAC) by 13.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 59,233 shares of the financial services provider’s stock after purchasing an additional 6,831 shares during the quarter. Neville Rodie & Shaw Inc.’s holdings in Bank of America were worth $2,603,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Geode Capital Management LLC raised its holdings in shares of Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after purchasing an additional 1,700,141 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Bank of America by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after purchasing an additional 895,884 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of Bank of America by 4.0% in the 3rd quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after purchasing an additional 1,731,003 shares in the last quarter. Sanders Capital LLC raised its holdings in shares of Bank of America by 2.8% in the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after purchasing an additional 601,211 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. raised its holdings in shares of Bank of America by 0.4% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock valued at $676,264,000 after purchasing an additional 59,853 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.29% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

BAC has been the subject of several recent research reports. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Wells Fargo & Company lifted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $48.00 to $55.00 in a research report on Monday, December 9th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research report on Friday, October 18th. Finally, Barclays lifted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $45.82.

Bank of America Stock Performance

Shares of BAC stock traded up $1.17 during trading hours on Monday, hitting $45.98. The company’s stock had a trading volume of 13,087,035 shares, compared to its average volume of 20,114,041. The company has a 50 day moving average of $45.17 and a 200 day moving average of $42.01. The stock has a market cap of $352.80 billion, a PE ratio of 16.72, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. 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 12-month low of $31.27 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last posted 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 firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the previous year, the business posted $0.90 EPS. The business’s revenue was up .4% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.26%. Bank of America’s payout ratio is 37.82%.

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.