Accent Capital Management LLC Buys 11,873 Shares of Bank of America Co. (NYSE:BAC)

Accent Capital Management LLC boosted its position in Bank of America Co. (NYSE:BAC - Free Report) by 43.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,500 shares of the financial services provider's stock after purchasing an additional 11,873 shares during the period. Bank of America comprises 0.9% of Accent Capital Management LLC's investment portfolio, making the stock its 22nd biggest position. Accent Capital Management LLC's holdings in Bank of America were worth $1,567,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fairway Wealth LLC acquired a new stake in Bank of America during the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC increased its holdings in 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 valued at $29,000 after purchasing an additional 646 shares in the last quarter. Kennebec Savings Bank purchased a new position in Bank of America in the third quarter valued at about $29,000. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America in the second quarter worth about $30,000. Finally, Christopher J. Hasenberg Inc grew its stake in shares of 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 buying an additional 852 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Citigroup upgraded Bank of America from a "neutral" rating to a "buy" rating and upped their price target for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Barclays raised their price objective on Bank of America from $49.00 to $53.00 and gave the company an "overweight" rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods upped their target price on Bank of America from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. Oppenheimer lifted their price target on shares of Bank of America from $50.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 5th. Finally, Evercore ISI lifted their target price on Bank of America from $44.00 to $45.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $44.26.

Bank of America Stock Up 1.9 %

Shares of BAC stock traded up $0.85 on Friday, reaching $46.75. 40,488,863 shares of the company's stock traded hands, compared to its average volume of 36,791,080. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 12-month low of $29.22 and a 12-month high of $46.84. The business's 50 day moving average price is $41.49 and its two-hundred day moving average price is $40.35. The company has a market capitalization of $358.71 billion, a P/E ratio of 17.00, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32.

Bank of America (NYSE:BAC - Get Free Report) last released 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. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company's revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 EPS. On average, equities analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The company 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 dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.22%. The ex-dividend date is Friday, December 6th. Bank of America's dividend payout ratio is 37.82%.

Bank of America announced that its Board of Directors has initiated a share buyback program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Activity

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the business's 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 sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of Bank of America stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the sale, the insider now owns 928,460,939 shares in the company, valued at $36,813,476,231.35. This trade represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,883,988 shares of company stock valued at $4,344,741,752 over the last 90 days. 0.29% of the stock is owned by company insiders.

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.