Aljian Capital Management LLC Makes New $2.03 Million Investment in Bank of America Co. (NYSE:BAC)

Aljian Capital Management LLC bought a new position in Bank of America Co. (NYSE:BAC - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 51,140 shares of the financial services provider's stock, valued at approximately $2,029,000. Bank of America accounts for 0.5% of Aljian Capital Management LLC's holdings, making the stock its 26th biggest holding.

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

Analyst Upgrades and Downgrades

BAC has been the topic of several research analyst reports. Royal Bank of Canada restated an "outperform" rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Phillip Securities upgraded Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. Oppenheimer increased their price objective on shares of Bank of America from $50.00 to $56.00 and gave the company an "outperform" rating in a research report on Tuesday, November 5th. Barclays boosted their target price 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. Finally, Wells Fargo & Company raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an "overweight" rating in a report on Friday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $44.26.

Insider Buying and Selling at Bank of America

In related news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares of the company's stock, valued at $3,824,063.60. The trade was a 48.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America 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 directly owns 766,305,462 shares of the company's stock, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 102,848,970 shares of company stock valued at $4,145,103,288 in the last ninety days. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.03 during midday trading on Monday, reaching $46.72. The company's stock had a trading volume of 32,265,066 shares, compared to its average volume of 38,693,961. Bank of America Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.02. The business's fifty day simple moving average is $41.64 and its 200-day simple moving average is $40.44. The company has a market capitalization of $358.48 billion, a P/E ratio of 16.99, a P/E/G ratio of 1.58 and a beta of 1.32. 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 (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping 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 company 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 EPS. The company's revenue for the quarter was up .4% compared to the same quarter last year. As a group, equities research analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America's payout ratio is 37.82%.

Bank of America declared that its board has authorized a stock repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

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.