Bank of America Co. (NYSE:BAC) Shares Purchased by Public Sector Pension Investment Board

Public Sector Pension Investment Board raised its stake in shares of Bank of America Co. (NYSE:BAC) by 1.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,330,291 shares of the financial services provider’s stock after buying an additional 24,489 shares during the quarter. Public Sector Pension Investment Board’s holdings in Bank of America were worth $92,466,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Fairway Wealth LLC purchased a new stake in Bank of America during the 2nd quarter worth about $27,000. POM Investment Strategies LLC boosted its stake in shares of Bank of America by 839.0% during the 2nd 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 last quarter. Kennebec Savings Bank purchased a new stake in shares of Bank of America during the third quarter worth about $29,000. Bbjs Financial Advisors LLC acquired a new position 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 third 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 during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,031,639 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $40.66, for a total value of $326,566,441.74. Following the completion of the transaction, the insider now owns 874,692,264 shares of the company’s stock, valued at approximately $35,564,987,454.24. This represents a 0.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last three months, insiders sold 77,946,615 shares of company stock valued at $3,152,226,690. Corporate insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Evercore ISI upped their price objective on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company increased their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Trading Up 0.0 %

NYSE:BAC opened at $47.76 on Thursday. The business’s 50-day moving average is $42.73 and its two-hundred day moving average is $40.87. The firm has a market capitalization of $366.46 billion, a PE ratio of 17.37, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. Bank of America Co. has a 12 month low of $29.32 and a 12 month high of $47.98. 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 announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for 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% on a year-over-year basis. During the same period last year, the business posted $0.90 EPS. Research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.18%. Bank of America’s dividend payout ratio (DPR) 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.