Bank of America Co. (NYSE:BAC) Shares Acquired by Consolidated Planning Corp

Consolidated Planning Corp boosted its holdings in Bank of America Co. (NYSE:BAC) by 6.5% in the third quarter, HoldingsChannel.com reports. The firm owned 7,866 shares of the financial services provider’s stock after buying an additional 479 shares during the quarter. Consolidated Planning Corp’s holdings in Bank of America were worth $312,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. McAdam LLC grew its position in shares of Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after buying an additional 238 shares during the last quarter. Integrity Financial Corp WA increased its position in shares of Bank of America by 1.6% during the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after purchasing an additional 240 shares in the last quarter. BTC Capital Management Inc. lifted its holdings in shares of Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 248 shares during the last quarter. Central Bank & Trust Co. boosted its position in shares of Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 248 shares during the period. Finally, SNS Financial Group LLC grew its stake in Bank of America by 3.3% during the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after buying an additional 248 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.8 %

BAC stock opened at $45.15 on Friday. Bank of America Co. has a 52 week low of $27.34 and a 52 week high of $45.55. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market cap of $346.43 billion, a P/E ratio of 16.42, a P/E/G ratio of 1.54 and a beta of 1.32. The company’s 50-day moving average price is $40.90 and its 200 day moving average price is $40.04.

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

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

BAC has been the subject of several research analyst reports. Morgan Stanley increased their price objective on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, September 3rd. Barclays increased their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.69.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the transaction, the insider now directly owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, 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 transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the transaction, the insider now directly owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,067,817 shares of company stock worth $4,548,518,070 in the last three months. Corporate insiders own 0.29% of the company’s stock.

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.