Associated Banc Corp Buys 4,286 Shares of Bank of America Co. (NYSE:BAC)

Associated Banc Corp grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 380,420 shares of the financial services provider’s stock after purchasing an additional 4,286 shares during the quarter. Associated Banc Corp’s holdings in Bank of America were worth $15,095,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in BAC. AMF Tjanstepension AB increased its position in shares of Bank of America by 959.6% during the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after purchasing an additional 8,447,091 shares during the last quarter. Swedbank AB purchased a new stake in Bank of America in the 1st quarter worth about $261,923,000. 1832 Asset Management L.P. increased its holdings in Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after acquiring an additional 5,749,567 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after purchasing an additional 4,423,215 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new position in Bank of America in the 2nd quarter worth about $127,252,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 7,081,075 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $39.95, for a total value of $282,888,946.25. Following the completion of the transaction, the insider now owns 896,719,301 shares in the company, valued at approximately $35,823,936,074.95. This represents a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the 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 transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 48.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 85,119,690 shares of company stock worth $3,438,777,236. 0.29% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

BAC has been the subject of several analyst reports. Keefe, Bruyette & Woods raised their target price on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Oppenheimer raised their target price on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Trading Up 0.8 %

Shares of Bank of America stock traded up $0.37 during midday trading on Monday, reaching $47.37. 3,745,583 shares of the company’s stock traded hands, compared to its average volume of 38,471,422. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $363.46 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 1.59 and a beta of 1.32. The stock has a 50 day moving average of $42.24 and a 200-day moving average of $40.69. Bank of America Co. has a 12 month low of $29.32 and a 12 month high of $47.49.

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 company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 earnings per share. As a group, equities analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.20%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

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.