Black Swift Group LLC Raises Stock Holdings in Bank of America Co. (NYSE:BAC)

Black Swift Group LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 42.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,250 shares of the financial services provider’s stock after purchasing an additional 2,750 shares during the period. Black Swift Group LLC’s holdings in Bank of America were worth $367,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of BAC. Delos Wealth Advisors LLC grew its position in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares during the last quarter. Fairway Wealth LLC bought a new stake in Bank of America in the 2nd quarter worth $27,000. POM Investment Strategies LLC raised its stake 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 valued at $29,000 after acquiring an additional 646 shares during the last quarter. Kennebec Savings Bank bought a new stake in shares of Bank of America in the third quarter worth about $29,000. Finally, Bbjs Financial Advisors LLC bought a new position in Bank of America during the 2nd quarter valued at approximately $30,000. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $39.79, for a total value of $268,752,482.88. Following the sale, the insider now owns 921,706,667 shares in the company, valued at $36,674,708,279.93. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $39.79, for a total value of $268,752,482.88. Following the transaction, the insider now directly owns 921,706,667 shares in the company, valued at $36,674,708,279.93. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred 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 sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 107,883,988 shares of company stock valued at $4,344,741,752. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of a number of research analyst reports. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded 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. Finally, BMO Capital Markets lifted their price target on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.69.

Bank of America Price Performance

Shares of BAC stock traded up $0.17 during trading hours on Thursday, hitting $46.04. The stock had a trading volume of 574,940 shares, compared to its average volume of 38,555,488. The stock’s 50-day moving average price is $41.22 and its two-hundred day moving average price is $40.22. Bank of America Co. has a one year low of $29.20 and a one year high of $46.52. The stock has a market capitalization of $353.26 billion, a price-to-earnings ratio of 16.68, a PEG ratio of 1.55 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the firm earned $0.90 EPS. The company’s revenue for the quarter was up .4% on a year-over-year basis. Equities analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

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

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid 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 dividend yield of 2.26%. Bank of America’s dividend payout ratio is 37.82%.

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.