Bank of America Co. (NYSE:BAC) Shares Acquired by Smead Capital Management Inc.

Smead Capital Management Inc. boosted its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 3.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,935,264 shares of the financial services provider's stock after acquiring an additional 267,661 shares during the period. Bank of America makes up approximately 4.5% of Smead Capital Management Inc.'s holdings, making the stock its 10th largest holding. Smead Capital Management Inc. owned approximately 0.10% of Bank of America worth $314,871,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at approximately $27,000. POM Investment Strategies LLC grew its stake 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 valued at $29,000 after purchasing an additional 646 shares during the period. Kennebec Savings Bank bought a new stake in shares of Bank of America in the 3rd quarter valued at approximately $29,000. Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at approximately $30,000. Finally, Christopher J. Hasenberg Inc grew its stake 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 period. 70.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm'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 in the company, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the firm's stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares of the company's stock, valued at $3,824,063.60. The trade was a 48.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 102,848,970 shares of company stock worth $4,145,103,288. Corporate insiders own 0.29% of the company's stock.

Analyst Ratings Changes

BAC has been the topic of several analyst reports. Oppenheimer upped their price objective on Bank of America from $50.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, November 5th. Evercore ISI increased their price target on Bank of America from $44.00 to $45.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Wells Fargo & Company increased their price target on Bank of America from $52.00 to $56.00 and gave the stock an "overweight" rating in a research report on Friday. Barclays increased their price target on 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, Royal Bank of Canada restated an "outperform" rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $44.26.

Bank of America Trading Down 0.7 %

Shares of BAC stock traded down $0.31 during trading hours on Tuesday, reaching $46.41. The company had a trading volume of 28,517,124 shares, compared to its average volume of 38,648,605. The company has a 50 day moving average of $41.78 and a 200 day moving average of $40.51. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $356.10 billion, a price-to-earnings ratio of 16.88, a P/E/G ratio of 1.58 and a beta of 1.32. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.02.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm's revenue was up .4% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 EPS. On average, equities research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Bank of America Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Friday, December 6th. Bank of America's dividend payout ratio (DPR) is presently 37.82%.

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.