Bank of America Co. (NYSE:BAC) Shares Purchased by Brooklyn Investment Group

Brooklyn Investment Group boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 6.1% during the third quarter, HoldingsChannel.com reports. The firm owned 30,630 shares of the financial services provider’s stock after acquiring an additional 1,750 shares during the period. Brooklyn Investment Group’s holdings in Bank of America were worth $1,215,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Quent Capital LLC increased its stake in Bank of America by 3.6% during the first quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after acquiring an additional 1,037 shares during the last quarter. Mount Yale Investment Advisors LLC purchased a new stake in Bank of America during the first quarter worth approximately $237,000. Tidal Investments LLC increased its position in shares of Bank of America by 2.4% in the first quarter. Tidal Investments LLC now owns 237,572 shares of the financial services provider’s stock worth $9,007,000 after acquiring an additional 5,666 shares in the last quarter. Coppell Advisory Solutions Corp. purchased a new position in shares of Bank of America in the 1st quarter valued at $1,764,000. Finally, Semmax Financial Advisors Inc. lifted its holdings in shares of Bank of America by 6.8% during the 1st quarter. Semmax Financial Advisors Inc. now owns 16,227 shares of the financial services provider’s stock valued at $620,000 after acquiring an additional 1,031 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.1 %

Bank of America stock opened at $47.46 on Tuesday. The firm has a 50-day moving average price of $42.41 and a two-hundred day moving average price of $40.76. Bank of America Co. has a 52-week low of $29.32 and a 52-week high of $47.74. The firm has a market capitalization of $364.15 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 1.59 and a beta of 1.32. 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 issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.90 EPS. Sell-side analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Analysts Set New Price Targets

Several brokerages recently issued reports on BAC. Wells Fargo & Company increased their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Oppenheimer increased their price objective on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Finally, Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a research note on Friday, November 8th. 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. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $44.26.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was 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 $34,076,699,933.67. The trade was a 0.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 85,027,690 shares of company stock worth $3,435,115,636 over the last ninety days. 0.29% of the stock is currently owned by corporate insiders.

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.