Bank of America Co. (NYSE:BAC) Shares Acquired by Accent Capital Management LLC

Accent Capital Management LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 43.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 39,500 shares of the financial services provider’s stock after acquiring an additional 11,873 shares during the period. Bank of America accounts for about 0.9% of Accent Capital Management LLC’s investment portfolio, making the stock its 22nd largest position. Accent Capital Management LLC’s holdings in Bank of America were worth $1,567,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Fairway Wealth LLC purchased a new position in shares of Bank of America during the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC increased 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 worth $29,000 after buying an additional 646 shares in the last quarter. Kennebec Savings Bank purchased a new stake in shares of Bank of America in the third quarter valued at $29,000. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America during the second quarter valued at $30,000. Finally, Christopher J. Hasenberg Inc increased its position in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 107,883,988 shares of company stock valued at $4,344,741,752 in the last ninety days. Company insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $46.75 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 1-year low of $29.22 and a 1-year high of $46.84. The company has a market capitalization of $358.71 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 1.58 and a beta of 1.32. The business has a 50-day moving average of $41.49 and a 200-day moving average of $40.35.

Bank of America (NYSE:BAC) last released 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. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the prior year, the business earned $0.90 EPS. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

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

Bank of America Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.22%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Analysts Set New Price Targets

BAC has been the topic of several analyst reports. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI boosted their price target on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Morgan Stanley raised their price objective on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $46.00 to $54.00 in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

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.