Bank of America Co. (NYSE:BAC) Stock Holdings Increased by Versor Investments LP

Versor Investments LP raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 82.3% during the 3rd quarter, Holdings Channel reports. The fund owned 32,810 shares of the financial services provider’s stock after purchasing an additional 14,810 shares during the period. Versor Investments LP’s holdings in Bank of America were worth $1,302,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in BAC. McAdam LLC lifted its position in Bank of America by 2.1% during the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 238 shares during the last quarter. Integrity Financial Corp WA raised its position in shares of Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after buying an additional 240 shares in the last quarter. BTC Capital Management Inc. raised its position in shares of Bank of America by 1.2% in the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after buying an additional 248 shares in the last quarter. Central Bank & Trust Co. raised its position in shares of Bank of America by 15.1% in the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after buying an additional 248 shares in the last quarter. Finally, SNS Financial Group LLC raised its position in shares of Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after buying an additional 248 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,067,817 shares of company stock valued at $4,548,518,070. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Cfra reiterated a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Oppenheimer lifted their price target on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Tuesday, September 3rd. One 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $43.69.

Bank of America Trading Up 2.1 %

BAC opened at $46.10 on Tuesday. 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 fifty-two week low of $27.42 and a fifty-two week high of $46.52. The firm has a market capitalization of $353.72 billion, a PE ratio of 16.76, a P/E/G ratio of 1.53 and a beta of 1.32. The company’s 50-day moving average is $40.90 and its 200 day moving average is $40.07.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the firm posted $0.90 EPS. The firm’s quarterly revenue was up .4% compared to the same quarter last year. As a group, research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a share buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Bank of America Announces Dividend

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 given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

About Bank of America

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.