Bank of America Co. (NYSE:BAC) Shares Bought by Harbor Island Capital LLC

Harbor Island Capital LLC increased its position in Bank of America Co. (NYSE:BAC) by 0.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 170,106 shares of the financial services provider’s stock after buying an additional 770 shares during the quarter. Bank of America comprises about 3.2% of Harbor Island Capital LLC’s investment portfolio, making the stock its 13th biggest position. Harbor Island Capital LLC’s holdings in Bank of America were worth $6,750,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after acquiring an additional 36,124,363 shares in the last quarter. Legal & General Group Plc lifted its holdings in Bank of America by 1.6% in the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after acquiring an additional 895,884 shares during the last quarter. Capital World Investors lifted its holdings in Bank of America by 0.4% in the first quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after acquiring an additional 165,070 shares during the last quarter. Pzena Investment Management LLC raised its holdings in shares of Bank of America by 4.7% during the first quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock valued at $813,983,000 after buying an additional 954,885 shares during the last quarter. Finally, Clearbridge Investments LLC raised its holdings in shares of Bank of America by 23.6% during the second quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock valued at $646,693,000 after buying an additional 3,109,197 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent analyst reports. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday. Evercore ISI lifted their target price on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $42.62.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Bernard A. Mensah sold 92,000 shares of the business’s 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 completion of the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 144,633,120 shares of company stock valued at $5,862,871,640. Company insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock traded down $0.21 on Friday, reaching $42.39. 9,020,438 shares of the stock were exchanged, compared to its average volume of 38,754,859. The firm’s 50 day moving average is $39.81 and its 200-day moving average is $39.38. The firm has a market cap of $331.51 billion, a PE ratio of 14.74, a P/E/G ratio of 1.39 and a beta of 1.33. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. 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 (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. 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 firm posted $0.90 EPS. As a group, analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.45%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Bank of America announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

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.