Bank of America Co. (NYSE:BAC) Shares Bought by Boston Common Asset Management LLC

by · The Cerbat Gem

Boston Common Asset Management LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 143.0% during the third quarter, HoldingsChannel.com reports. The firm owned 144,980 shares of the financial services provider’s stock after buying an additional 85,308 shares during the period. Boston Common Asset Management LLC’s holdings in Bank of America were worth $5,753,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in BAC. Delos Wealth Advisors LLC raised its position in shares of 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 valued at $26,000 after purchasing an additional 547 shares in the last quarter. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at approximately $27,000. Livelsberger Financial Advisory bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $28,000. POM Investment Strategies LLC increased its holdings in shares of Bank of America by 839.0% in the 2nd 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. Finally, Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at approximately $30,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.5 %

Shares of NYSE BAC opened at $39.97 on Friday. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a market cap of $310.15 billion, a price-to-earnings ratio of 14.07, a P/E/G ratio of 1.39 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business has a fifty day simple moving average of $39.31 and a 200-day simple moving average of $39.21.

Bank of America (NYSE:BAC – Get Free Report) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same period in the prior year, the business posted $0.88 earnings per share. Bank of America’s revenue was up .7% compared to the same quarter last year. Sell-side analysts predict that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a $0.26 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s dividend payout ratio is currently 36.62%.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BAC. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday. 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 report on Thursday, July 18th. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Oppenheimer boosted their price target on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Finally, Evercore ISI upped their price objective on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $42.27.

View Our Latest Stock Analysis on BAC

Insider Buying and Selling

In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 160,921,082 shares of company stock valued at $6,582,343,525. Corporate insiders own 0.29% of the company’s stock.

About Bank of America

(Free Report)

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.

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