Black Swift Group LLC Buys 2,750 Shares of Bank of America Co. (NYSE:BAC)

Black Swift Group LLC boosted its position in Bank of America Co. (NYSE:BAC) by 42.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,250 shares of the financial services provider’s stock after purchasing an additional 2,750 shares during the quarter. Black Swift Group LLC’s holdings in Bank of America were worth $367,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Quent Capital LLC lifted its holdings in shares of Bank of America by 3.6% during the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock valued at $1,129,000 after purchasing an additional 1,037 shares during the last quarter. Kingsview Wealth Management LLC boosted its holdings in Bank of America by 6.4% in the first quarter. Kingsview Wealth Management LLC now owns 90,957 shares of the financial services provider’s stock worth $3,449,000 after acquiring an additional 5,496 shares in the last quarter. Orion Portfolio Solutions LLC grew its stake in shares of Bank of America by 1.1% during the first quarter. Orion Portfolio Solutions LLC now owns 187,026 shares of the financial services provider’s stock worth $7,092,000 after acquiring an additional 1,998 shares during the last quarter. Leo Wealth LLC raised its position in shares of Bank of America by 10.4% in the 1st quarter. Leo Wealth LLC now owns 11,887 shares of the financial services provider’s stock valued at $449,000 after purchasing an additional 1,122 shares during the last quarter. Finally, Delos Wealth Advisors LLC boosted its stake in Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

NYSE:BAC traded up $0.17 during trading hours on Thursday, reaching $46.04. 574,940 shares of the company were exchanged, compared to its average volume of 38,555,488. Bank of America Co. has a twelve month low of $29.20 and a twelve month high of $46.52. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock’s 50-day moving average is $41.22 and its 200-day moving average is $40.22. The firm has a market cap of $353.26 billion, a PE ratio of 16.68, a price-to-earnings-growth ratio of 1.55 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 analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion during 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 business’s revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.90 earnings per share. On average, sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has approved a share buyback program 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 programs are typically an indication that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.26%. Bank of America’s dividend payout ratio is presently 37.82%.

Insider Activity at Bank of America

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on 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 sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of Bank of America stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the sale, the insider now directly owns 928,460,939 shares in the company, valued at $36,813,476,231.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on 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 completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 107,883,988 shares of company stock valued at $4,344,741,752. 0.29% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have issued reports on BAC. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. BMO Capital Markets boosted their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Deutsche Bank Aktiengesellschaft upgraded 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. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Finally, Barclays raised their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. One research 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.69.

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.