Dynamic Technology Lab Private Ltd Acquires New Stake in Bank of America Co. (NYSE:BAC)

Dynamic Technology Lab Private Ltd bought a new position in Bank of America Co. (NYSE:BAC) in the third quarter, Holdings Channel reports. The firm bought 68,628 shares of the financial services provider’s stock, valued at approximately $2,723,000.

Several other hedge funds have also recently made changes to their positions in the company. Fairway Wealth LLC purchased a new stake in Bank of America in the 2nd quarter worth about $27,000. POM Investment Strategies LLC boosted its position in 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 purchased a new position in shares of Bank of America in the third quarter worth about $29,000. Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America in the second quarter valued at approximately $30,000. Finally, Christopher J. Hasenberg Inc lifted its stake in shares of 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 buying an additional 852 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on BAC shares. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. Wells Fargo & Company raised their price objective 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. Barclays upped their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $44.26.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction dated 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 owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’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 completion of the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 48.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 85,119,690 shares of company stock worth $3,438,777,236 in the last quarter. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Up 1.2 %

Shares of Bank of America stock opened at $47.00 on Monday. Bank of America Co. has a 1 year low of $29.32 and a 1 year high of $47.22. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a 50-day moving average of $42.24 and a 200 day moving average of $40.69. The firm has a market cap of $360.63 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 1.59 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating 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 quarter last year, the firm earned $0.90 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is presently 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.