Bank of America Co. (NYSE:BAC) Shares Bought by Klingman & Associates LLC

Klingman & Associates LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 3.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,139 shares of the financial services provider’s stock after acquiring an additional 416 shares during the quarter. Klingman & Associates LLC’s holdings in Bank of America were worth $442,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in 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 worth $24,437,936,000 after buying an additional 36,124,363 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Bank of America by 1.6% during the 2nd 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 in the last quarter. Capital World Investors boosted its stake in shares of Bank of America by 0.4% during the 1st 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 in the last quarter. Clearbridge Investments LLC increased its stake in Bank of America by 23.6% in the 2nd quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock valued at $646,693,000 after purchasing an additional 3,109,197 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after purchasing an additional 569,385 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 0.8 %

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

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) 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 analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.90 earnings per share. Research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The company 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. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.30%. Bank of America’s payout ratio is currently 37.82%.

Bank of America declared that its board has approved a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have weighed in on the company. Morgan Stanley upped their target price on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Barclays increased their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Oppenheimer lifted their target price on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research note on Friday, October 18th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.69.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total value of $90,533,647.05. Following the completion of the transaction, the insider now owns 812,041,811 shares of the company’s stock, valued at approximately $31,888,881,917.97. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now directly 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 filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the sale, the insider now directly owns 812,041,811 shares of the company’s stock, valued at approximately $31,888,881,917.97. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,067,817 shares of company stock worth $4,548,518,070. 0.29% of the stock is currently owned by company 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.