Brave Warrior Advisors LLC Purchases 12,000 Shares of Bank of America Corporation $BAC

Brave Warrior Advisors LLC increased its position in Bank of America Corporation (NYSE:BAC) by 82.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 26,532 shares of the financial services provider’s stock after purchasing an additional 12,000 shares during the period. Bank of America comprises 0.0% of Brave Warrior Advisors LLC’s investment portfolio, making the stock its 20th largest position. Brave Warrior Advisors LLC’s holdings in Bank of America were worth $1,255,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Boston Common Asset Management LLC boosted its holdings in Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after acquiring an additional 24,740 shares in the last quarter. Disciplined Investments LLC bought a new position in shares of Bank of America during the second quarter valued at $217,000. Sunbeam Capital Management LLC raised its position in shares of Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 439 shares during the last quarter. CCG Wealth Management LLC bought a new position in Bank of America in the 2nd quarter worth about $287,000. Finally, Community Financial Services Group LLC grew its position in Bank of America by 3.5% during the 2nd quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider’s stock valued at $8,000,000 after purchasing an additional 5,787 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Barclays lifted their target price on shares of Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Seaport Global Securities raised their price target on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Dbs Bank upgraded Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Finally, Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Trading Up 1.1%

NYSE:BAC opened at $55.14 on Friday. The company has a market cap of $402.66 billion, a PE ratio of 15.02 and a beta of 1.30. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a 50 day simple moving average of $52.39 and a two-hundred day simple moving average of $49.45. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $55.30.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. The firm had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 EPS. Research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

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.