38,204 Shares in Bank of America Co. (NYSE:BAC) Acquired by Quest Partners LLC

Quest Partners LLC acquired a new stake in Bank of America Co. (NYSE:BAC) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 38,204 shares of the financial services provider’s stock, valued at approximately $1,516,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Fairway Wealth LLC purchased a new stake in Bank of America during the 2nd quarter valued at $27,000. POM Investment Strategies LLC boosted its holdings in shares of 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 purchasing an additional 646 shares during the period. Kennebec Savings Bank bought a new stake in shares of Bank of America in the third quarter worth about $29,000. Bbjs Financial Advisors LLC purchased a new position in Bank of America during the 2nd quarter valued at about $30,000. Finally, Christopher J. Hasenberg Inc raised 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 valued at $40,000 after purchasing an additional 852 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In related news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $39.87, for a total transaction of $437,573,568.96. Following the completion of the transaction, the insider now owns 910,731,659 shares in the company, valued at $36,310,871,244.33. The trade was a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 102,848,970 shares of company stock worth $4,145,103,288 in the last three months. 0.29% of the stock is currently owned by company insiders.

Bank of America Price Performance

BAC opened at $46.41 on Wednesday. The company’s 50-day simple moving average is $41.78 and its two-hundred day simple moving average is $40.51. Bank of America Co. has a 52-week low of $29.32 and a 52-week high of $47.02. The stock has a market capitalization of $356.10 billion, a P/E ratio of 16.88, a P/E/G ratio of 1.58 and a beta of 1.32. 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 issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the company posted $0.90 earnings per share. As a group, analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America declared that its board has approved a stock repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.24%. Bank of America’s payout ratio is 37.82%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BAC. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Tuesday, September 3rd. Evercore ISI boosted their price objective 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. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Wells Fargo & Company boosted their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $44.26.

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.