Catalina Capital Group LLC Has $1.12 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Catalina Capital Group LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 9.5% during the third quarter, HoldingsChannel.com reports. The fund owned 28,170 shares of the financial services provider’s stock after purchasing an additional 2,436 shares during the period. Catalina Capital Group LLC’s holdings in Bank of America were worth $1,118,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Citizens Financial Group Inc. RI grew its position in Bank of America by 27.1% during the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after acquiring an additional 20,916 shares during the last quarter. Councilmark Asset Management LLC acquired a new stake in shares of Bank of America in the first quarter valued at $771,000. SteelPeak Wealth LLC raised its holdings in shares of Bank of America by 37.7% in the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after buying an additional 14,901 shares during the last quarter. Brookstone Capital Management lifted its position in Bank of America by 11.5% during the 2nd quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider’s stock worth $8,628,000 after buying an additional 20,309 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Bank of America by 39.7% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 9,941,700 shares of the financial services provider’s stock worth $395,381,000 after acquiring an additional 2,827,700 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the transaction, the insider now directly owns 928,460,939 shares in the company, valued at $36,813,476,231.35. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $39.65, for a total value of $199,638,463.70. Following the sale, the insider now directly owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,067,817 shares of company stock worth $4,548,518,070. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of a number of research reports. 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 lifted their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Oppenheimer boosted their price objective on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Barclays increased their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $42.97.

Bank of America Price Performance

Shares of NYSE BAC opened at $41.89 on Wednesday. The company has a fifty day moving average price of $40.61 and a 200 day moving average price of $39.92. The firm has a market cap of $321.42 billion, a PE ratio of 15.23, a PEG ratio of 1.42 and a beta of 1.32. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 1-year low of $27.34 and a 1-year high of $44.44.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating 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 business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter last year, the firm earned $0.90 EPS. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. Research analysts predict that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a share repurchase program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.48%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio 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.