Hayek Kallen Investment Management Has $468,000 Stake in Bank of America Co. (NYSE:BAC)

Hayek Kallen Investment Management raised its stake in shares of Bank of America Co. (NYSE:BAC) by 6.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 11,789 shares of the financial services provider’s stock after purchasing an additional 668 shares during the quarter. Hayek Kallen Investment Management’s holdings in Bank of America were worth $468,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Scarborough Advisors LLC acquired a new stake in Bank of America in the fourth quarter worth $65,000. Richardson Financial Services Inc. acquired a new position in shares of Bank of America in the 4th quarter valued at $47,000. Leo Wealth LLC bought a new stake in shares of Bank of America in the 4th quarter valued at $373,000. Confluence Investment Management LLC acquired a new stake in Bank of America during the 1st quarter worth $409,000. Finally, Cullen Investment Group LTD. lifted its holdings in Bank of America by 3.2% during the first quarter. Cullen Investment Group LTD. now owns 39,249 shares of the financial services provider’s stock worth $1,464,000 after acquiring an additional 1,211 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on BAC shares. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $48.00 price target (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Evercore ISI boosted their price objective on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Jefferies Financial Group raised their target price on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Morgan Stanley reduced their price target on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Monday, September 30th. Finally, StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $42.27.

Bank of America Stock Performance

NYSE BAC traded up $0.78 on Tuesday, hitting $42.69. 26,145,072 shares of the stock were exchanged, compared to its average volume of 38,746,789. The business’s fifty day moving average is $39.51 and its 200 day moving average is $39.30. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The company has a market capitalization of $333.85 billion, a PE ratio of 14.70, a P/E/G ratio of 1.39 and a beta of 1.33. 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 issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.81. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the firm earned $0.90 EPS. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. Research analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.44%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s payout ratio is 35.99%.

Bank of America announced that its board has initiated a stock buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. 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 through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on Tuesday, August 27th. The shares were 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 of the company’s stock, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 160,921,082 shares of company stock worth $6,582,343,525. Insiders own 0.29% of the company’s stock.

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.