Bank of America Co. (NYSE:BAC) Shares Purchased by River Global Investors LLP

River Global Investors LLP increased its position in shares of Bank of America Co. (NYSE:BAC) by 4.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 109,836 shares of the financial services provider’s stock after acquiring an additional 4,703 shares during the quarter. Bank of America makes up about 0.9% of River Global Investors LLP’s portfolio, making the stock its 23rd biggest holding. River Global Investors LLP’s holdings in Bank of America were worth $4,360,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Summit Global Investments lifted its position in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after buying an additional 36,089 shares during the last quarter. Citizens Financial Group Inc. RI lifted its position in Bank of America by 27.1% in the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after buying an additional 20,916 shares during the last quarter. Councilmark Asset Management LLC acquired a new position in Bank of America in the first quarter valued at about $771,000. SteelPeak Wealth LLC lifted its position in 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. Finally, Philip James Wealth Mangement LLC acquired a new position in Bank of America in the third quarter valued at about $9,670,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on BAC shares. Morgan Stanley upped their target price on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Barclays boosted their price target 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. Oppenheimer boosted their price target on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Finally, Cfra restated a “sell” rating and set a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $43.69.

Bank of America Stock Performance

Shares of BAC stock traded up $0.36 during trading hours on Friday, hitting $45.13. The stock had a trading volume of 38,331,814 shares, compared to its average volume of 36,782,108. The firm has a market capitalization of $346.28 billion, a PE ratio of 16.41, a PEG ratio of 1.54 and a beta of 1.32. Bank of America Co. has a twelve month low of $27.34 and a twelve month high of $45.55. The stock’s 50 day moving average is $40.90 and its 200 day moving average is $40.04. 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 (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate 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 period in the prior year, the company earned $0.90 earnings per share. As a group, research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Bank of America Dividend Announcement

The business also recently declared 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 dividend yield of 2.30%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

Bank of America 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.