Algert Global LLC Buys Shares of 15,266 Bank of America Co. (NYSE:BAC)

Algert Global LLC purchased a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 15,266 shares of the financial services provider's stock, valued at approximately $606,000.

A number of other institutional investors have also modified their holdings of BAC. Fairway Wealth LLC purchased a new stake in Bank of America in the 2nd quarter valued at about $27,000. POM Investment Strategies LLC boosted its position in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider's stock worth $29,000 after acquiring an additional 646 shares during the last quarter. Kennebec Savings Bank purchased a new stake in Bank of America in the third quarter valued at approximately $29,000. Bbjs Financial Advisors LLC acquired a new position in Bank of America during the second quarter worth approximately $30,000. Finally, Christopher J. Hasenberg Inc boosted its holdings in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 852 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction that occurred on 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 directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 70,007,916 shares of company stock worth $2,829,836,123 over the last 90 days. Insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research reports. Oppenheimer increased their target price on Bank of America from $50.00 to $56.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 5th. StockNews.com upgraded Bank of America from a "sell" rating to a "hold" rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Phillip Securities upgraded shares of Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price target on the stock in a report on Friday, October 18th. Finally, Morgan Stanley boosted their price objective on shares of Bank of America from $47.00 to $48.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $44.26.

Bank of America Price Performance

Shares of BAC stock opened at $47.51 on Friday. The firm has a market cap of $364.54 billion, a P/E ratio of 17.28, a P/E/G ratio of 1.61 and a beta of 1.32. The firm has a fifty day moving average of $43.02 and a two-hundred day moving average of $41.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 1-year low of $30.04 and a 1-year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the company earned $0.90 earnings per share. Bank of America's quarterly revenue was up .4% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders 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 yield of 2.19%. The ex-dividend date is Friday, December 6th. Bank of America's dividend payout ratio is presently 37.82%.

About Bank of America

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.