AEGON ASSET MANAGEMENT UK Plc Invests $15.47 Million in Bank of America Co. (NYSE:BAC)

AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of Bank of America Co. (NYSE:BAC) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 389,709 shares of the financial services provider’s stock, valued at approximately $15,468,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Quent Capital LLC lifted its holdings in shares of Bank of America by 3.6% in the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after purchasing an additional 1,037 shares during the last quarter. Tectonic Advisors LLC boosted its holdings in shares of Bank of America by 2.7% during the first quarter. Tectonic Advisors LLC now owns 26,245 shares of the financial services provider’s stock valued at $995,000 after acquiring an additional 679 shares during the period. WealthPLAN Partners LLC grew its position in shares of Bank of America by 161.7% during the first quarter. WealthPLAN Partners LLC now owns 28,109 shares of the financial services provider’s stock worth $1,066,000 after acquiring an additional 17,370 shares during the last quarter. TCI Wealth Advisors Inc. increased its holdings in shares of Bank of America by 5.5% in the 1st quarter. TCI Wealth Advisors Inc. now owns 20,411 shares of the financial services provider’s stock worth $774,000 after acquiring an additional 1,065 shares during the period. Finally, Atomi Financial Group Inc. lifted its position in Bank of America by 19.6% in the 1st quarter. Atomi Financial Group Inc. now owns 106,703 shares of the financial services provider’s stock valued at $4,046,000 after purchasing an additional 17,496 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Evercore ISI lifted their price target on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods raised their price target on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Cfra reaffirmed a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. 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 on the stock in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.69.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’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 transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction 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 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070. 0.29% of the stock is owned by insiders.

Bank of America Stock Performance

Shares of Bank of America stock opened at $45.15 on Friday. The stock has a market cap of $346.43 billion, a PE ratio of 16.42, a price-to-earnings-growth ratio of 1.54 and a beta of 1.32. Bank of America Co. has a 12 month low of $27.34 and a 12 month high of $45.55. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business has a fifty day simple moving average of $40.90 and a 200-day simple moving average of $40.04.

Bank of America (NYSE:BAC) last issued 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 company 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 quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 EPS. On average, sell-side analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders 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 dividend yield of 2.30%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America announced that its Board of Directors has authorized a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

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.