Portfolio Design Labs LLC lifted its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 11.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 118,987 shares of the financial services provider's stock after purchasing an additional 12,307 shares during the period. Bank of America accounts for about 1.3% of Portfolio Design Labs LLC's portfolio, making the stock its 15th largest position. Portfolio Design Labs LLC's holdings in Bank of America were worth $4,721,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in BAC. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the second quarter worth about $27,000. POM Investment Strategies LLC raised its position in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider's stock worth $29,000 after purchasing an additional 646 shares during the period. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the third quarter worth about $29,000. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America during the second quarter worth about $30,000. Finally, Christopher J. Hasenberg Inc raised its position in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider's stock worth $40,000 after purchasing an additional 852 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.
Insider Buying and Selling at Bank of America
In other news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction 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 owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 48.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of Bank of America stock in a transaction on Monday, August 26th. The shares were sold at an average price of $39.87, for a total value of $437,573,568.96. Following the completion of the transaction, the insider now owns 910,731,659 shares in the company, valued at approximately $36,310,871,244.33. The trade was a 1.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 102,848,970 shares of company stock valued at $4,145,103,288 in the last three months. Corporate insiders own 0.29% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on BAC. Morgan Stanley raised their price target on Bank of America from $47.00 to $48.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 16th. Royal Bank of Canada reiterated an "outperform" rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Phillip Securities upgraded Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Wells Fargo & Company increased their price objective on Bank of America from $52.00 to $56.00 and gave the stock an "overweight" rating in a report on Friday, November 15th. Finally, Barclays increased their price objective on Bank of America from $49.00 to $53.00 and gave the stock an "overweight" rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $44.26.
Read Our Latest Stock Analysis on Bank of America
Bank of America Stock Performance
NYSE:BAC traded down $0.35 during mid-day trading on Wednesday, hitting $46.06. 28,019,224 shares of the stock were exchanged, compared to its average volume of 38,601,410. The stock has a market capitalization of $353.41 billion, a price-to-earnings ratio of 16.74, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32. The firm's 50-day simple moving average is $41.78 and its 200 day simple moving average is $40.51. 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 fifty-two week low of $29.32 and a fifty-two week high of $47.02.
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. The firm had revenue of $25.30 billion during the quarter, compared to analysts' expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company's quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 EPS. As a group, equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.
Bank of America announced that its board has approved a share repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.
Bank of America Dividend Announcement
The business 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. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.26%. Bank of America's dividend payout ratio is presently 37.82%.
Bank of America Profile
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Free Report)
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.
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