Bank of America Co. (NYSE:BAC) Shares Acquired by Altman Advisors Inc.

Altman Advisors Inc. grew its stake in shares of Bank of America Co. (NYSE:BAC) by 0.8% in the 3rd quarter, Holdings Channel.com reports. The fund owned 48,818 shares of the financial services provider’s stock after purchasing an additional 409 shares during the quarter. Altman Advisors Inc.’s holdings in Bank of America were worth $1,937,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fairway Wealth LLC bought a new stake in Bank of America in the 2nd quarter valued at about $27,000. POM Investment Strategies LLC grew its position in 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 purchasing an additional 646 shares in the last quarter. Kennebec Savings Bank purchased a new position in Bank of America during the third quarter valued at approximately $29,000. Bbjs Financial Advisors LLC purchased a new position in Bank of America during the second quarter valued at approximately $30,000. Finally, Christopher J. Hasenberg Inc lifted its stake in Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 852 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have issued reports on BAC. 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, October 16th. Wells Fargo & Company boosted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. Oppenheimer boosted their price objective on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Finally, Barclays boosted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. One research 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 stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Stock Performance

Bank of America stock opened at $46.23 on Wednesday. The business has a 50 day moving average of $41.78 and a 200-day moving average of $40.51. Bank of America Co. has a 1 year low of $29.32 and a 1 year high of $47.02. 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 company has a market capitalization of $354.72 billion, a P/E ratio of 16.88, a P/E/G ratio of 1.58 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for 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 firm’s revenue was up .4% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. On average, equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

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 given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

Bank of America declared that its Board of Directors has authorized a share buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated 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. This trade represents a 48.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of Bank of America 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 sale, the insider now owns 921,706,667 shares of the company’s stock, valued at approximately $36,674,708,279.93. This trade represents a 0.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 102,848,970 shares of company stock valued at $4,145,103,288 in the last ninety days. 0.29% of the stock is currently owned by insiders.

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.