Bank of America Co. (NYSE:BAC) Shares Bought by Kestra Investment Management LLC

Kestra Investment Management LLC grew its position in Bank of America Co. (NYSE:BAC) by 36.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 26,946 shares of the financial services provider’s stock after purchasing an additional 7,211 shares during the period. Kestra Investment Management LLC’s holdings in Bank of America were worth $1,069,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of BAC. Point72 Hong Kong Ltd raised its holdings in shares of Bank of America by 1,930.7% during the third quarter. Point72 Hong Kong Ltd now owns 92,823 shares of the financial services provider’s stock worth $3,683,000 after purchasing an additional 88,252 shares during the last quarter. Paradigm Capital Management LLC NV acquired a new stake in Bank of America during the 3rd quarter worth about $1,427,000. FSA Wealth Management LLC purchased a new position in shares of Bank of America during the 3rd quarter valued at about $163,000. B&L Asset Management LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at about $659,000. Finally, Erste Asset Management GmbH purchased a new stake in shares of Bank of America in the third quarter worth about $23,712,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.5 %

Shares of BAC stock opened at $47.51 on Monday. Bank of America Co. has a fifty-two week low of $30.04 and a fifty-two week high of $48.08. The firm has a market capitalization of $364.54 billion, a P/E ratio of 17.28, a PEG ratio of 1.61 and a beta of 1.32. The stock’s fifty day moving average is $43.02 and its two-hundred day moving average is $41.02. 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 posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 earnings per share. Research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. Bank of America’s dividend payout ratio is presently 37.82%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Wells Fargo & Company lifted their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Evercore ISI raised their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Morgan Stanley lifted their price objective on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, Barclays increased their target price 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 analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $44.82.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $40.28, for a total value of $202,649,243.92. Following the completion of the sale, the insider now owns 863,977,599 shares of the company’s stock, valued at approximately $34,801,017,687.72. This represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 70,007,916 shares of company stock worth $2,829,836,123. 0.29% of the stock is owned by corporate insiders.

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.