Fred Alger Management LLC Acquires 3,335 Shares of Bank of America Co. (NYSE:BAC)

Fred Alger Management LLC increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 190,337 shares of the financial services provider’s stock after purchasing an additional 3,335 shares during the quarter. Fred Alger Management LLC’s holdings in Bank of America were worth $7,553,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Boston Common Asset Management LLC bought a new position in Bank of America during the second quarter valued at approximately $2,373,000. Quent Capital LLC boosted its stake in shares of Bank of America by 3.3% in the 2nd quarter. Quent Capital LLC now owns 30,734 shares of the financial services provider’s stock worth $1,222,000 after buying an additional 974 shares during the last quarter. Trust Co. of Toledo NA OH grew its holdings in shares of Bank of America by 2.4% in the second quarter. Trust Co. of Toledo NA OH now owns 12,871 shares of the financial services provider’s stock worth $512,000 after acquiring an additional 304 shares during the period. Great Waters Wealth Management purchased a new stake in Bank of America during the second quarter valued at $214,000. Finally, Mather Group LLC. lifted its holdings in Bank of America by 30.7% in the second quarter. Mather Group LLC. now owns 43,310 shares of the financial services provider’s stock valued at $1,642,000 after acquiring an additional 10,182 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAC has been the subject of several research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Phillip Securities upgraded shares of 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. Wells Fargo & Company lifted their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. Finally, Barclays boosted their price target on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Stock Down 0.5 %

Shares of BAC stock opened at $47.51 on Friday. The stock has a market cap of $364.54 billion, a P/E ratio of 17.28, a PEG ratio of 1.61 and a beta of 1.32. The company’s fifty day simple moving average is $43.02 and its two-hundred day simple moving average is $41.00. 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 Co. has a 52 week low of $30.04 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly 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. The company 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 firm’s revenue was up .4% on a year-over-year basis. During the same period in the prior year, the company earned $0.90 earnings per share. Analysts predict that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared 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 yield of 2.19%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $40.28, for a total transaction of $202,649,243.92. Following the sale, the insider now directly owns 863,977,599 shares in the company, valued at $34,801,017,687.72. This represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders sold 70,007,916 shares of company stock worth $2,829,836,123 over the last 90 days. 0.29% of the stock is owned by insiders.

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.