Bank of America Co. (NYSE:BAC) Position Raised by Capricorn Fund Managers Ltd

Capricorn Fund Managers Ltd lifted its position in shares of Bank of America Co. (NYSE:BAC) by 53.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 166,581 shares of the financial services provider’s stock after acquiring an additional 58,005 shares during the period. Bank of America accounts for 1.7% of Capricorn Fund Managers Ltd’s portfolio, making the stock its 16th biggest holding. Capricorn Fund Managers Ltd’s holdings in Bank of America were worth $4,779,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of BAC. Berkshire Hathaway Inc increased its stake in shares of Bank of America by 2.3% in the first quarter. Berkshire Hathaway Inc now owns 1,032,852,006 shares of the financial services provider’s stock valued at $29,539,567,000 after purchasing an additional 22,751,400 shares during the period. Moneta Group Investment Advisors LLC grew its holdings in Bank of America by 108,111.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after buying an additional 192,989,515 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Bank of America by 22.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 127,177,786 shares of the financial services provider’s stock valued at $4,212,128,000 after acquiring an additional 23,532,190 shares during the period. Geode Capital Management LLC raised its stake in Bank of America by 1.5% during the 1st quarter. Geode Capital Management LLC now owns 125,467,577 shares of the financial services provider’s stock valued at $3,580,515,000 after acquiring an additional 1,830,802 shares in the last quarter. Finally, Norges Bank acquired a new position in Bank of America during the 4th quarter worth $3,436,543,000. Institutional investors and hedge funds own 68.06% of the company’s stock.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the transaction, the insider now directly owns 185,108 shares of the company’s stock, valued at $5,836,455.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Bank of America news, insider James P. Demare sold 75,000 shares of Bank of America stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the completion of the sale, the insider now owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Dean C. Athanasia sold 77,806 shares of the company’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $31.48, for a total transaction of $2,449,332.88. Following the completion of the transaction, the insider now directly owns 353,971 shares in the company, valued at $11,143,007.08. The disclosure for this sale can be found here. 0.27% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent analyst reports. Oppenheimer cut their price objective on shares of Bank of America from $52.00 to $49.00 and set an “outperform” rating on the stock in a research note on Friday, August 18th. HSBC initiated coverage on shares of Bank of America in a research report on Thursday, September 7th. They set a “buy” rating and a $35.00 price target on the stock. Morgan Stanley increased their price objective on shares of Bank of America from $32.00 to $33.00 in a report on Friday, July 7th. Royal Bank of Canada reissued an “outperform” rating and set a $35.00 target price on shares of Bank of America in a report on Tuesday, September 12th. Finally, BMO Capital Markets decreased their price target on Bank of America from $41.00 to $40.00 in a research note on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $35.98.

Bank of America Stock Down 0.3 %

BAC stock opened at $28.76 on Tuesday. The company’s 50 day simple moving average is $29.98 and its 200-day simple moving average is $29.22. Bank of America Co. has a 52-week low of $26.32 and a 52-week high of $38.60. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market capitalization of $228.54 billion, a P/E ratio of 8.26, a P/E/G ratio of 1.21 and a beta of 1.37.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.04. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. The company had revenue of $25.20 billion during the quarter, compared to analyst estimates of $24.98 billion. During the same quarter in the prior year, the company earned $0.73 earnings per share. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Co. will post 3.41 EPS for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a $0.24 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.34%. Bank of America’s dividend payout ratio is currently 27.59%.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.