Bretton Capital Management LLC Invests $5 Million in Bank of America Co. (NYSE:BAC)

Bretton Capital Management LLC acquired a new stake in shares of Bank of America Co. (NYSE:BAC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 126,000 shares of the financial services provider’s stock, valued at approximately $5,000,000. Bank of America accounts for approximately 4.8% of Bretton Capital Management LLC’s investment portfolio, making the stock its 11th largest holding.

A number of other large investors have also bought and sold shares of the company. Planning Capital Management Corp increased its stake in shares of Bank of America by 296.4% in the third quarter. Planning Capital Management Corp now owns 4,785 shares of the financial services provider’s stock worth $190,000 after purchasing an additional 3,578 shares in the last quarter. KBC Group NV boosted its holdings in shares of Bank of America by 74.6% in the third quarter. KBC Group NV now owns 4,198,462 shares of the financial services provider’s stock worth $166,595,000 after acquiring an additional 1,793,833 shares during the period. Summit Asset Management LLC raised its stake in shares of Bank of America by 23.1% during the 3rd quarter. Summit Asset Management LLC now owns 32,785 shares of the financial services provider’s stock valued at $1,301,000 after purchasing an additional 6,151 shares during the period. Regal Partners Ltd lifted its holdings in Bank of America by 11.7% during the 3rd quarter. Regal Partners Ltd now owns 2,135,025 shares of the financial services provider’s stock worth $84,718,000 after purchasing an additional 223,345 shares in the last quarter. Finally, Plato Investment Management Ltd boosted its stake in Bank of America by 16.6% in the 3rd quarter. Plato Investment Management Ltd now owns 169,308 shares of the financial services provider’s stock worth $6,711,000 after purchasing an additional 24,152 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.0 %

BAC opened at $45.88 on Thursday. The stock has a market cap of $352.03 billion, a PE ratio of 16.68, a PEG ratio of 1.55 and a beta of 1.32. The business has a 50 day moving average of $41.22 and a 200-day moving average of $40.22. Bank of America Co. has a 52 week low of $28.47 and a 52 week high of $46.52. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS 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 firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the previous year, the business posted $0.90 EPS. The company’s quarterly revenue was up .4% on a year-over-year basis. Equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.27%. Bank of America’s payout ratio is 37.82%.

Insider Buying and Selling

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America 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 completion of the transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related 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 transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the sale, the insider now owns 861,175,131 shares of the company’s stock, valued at approximately $34,076,699,933.67. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,883,988 shares of company stock worth $4,344,741,752 in the last 90 days. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on BAC. 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. Barclays increased their price objective on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Tuesday, September 3rd. Oppenheimer raised their price target on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Finally, Morgan Stanley upped their price objective on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.69.

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.