Bank of America Co. (NYSE:BAC) Holdings Lifted by Accent Capital Management LLC

Accent Capital Management LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 43.0% during the 3rd quarter, Holdings Channel.com reports. The fund owned 39,500 shares of the financial services provider’s stock after purchasing an additional 11,873 shares during the quarter. Bank of America accounts for about 0.9% of Accent Capital Management LLC’s portfolio, making the stock its 22nd biggest position. Accent Capital Management LLC’s holdings in Bank of America were worth $1,567,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. AMF Tjanstepension AB increased its stake in Bank of America by 959.6% in the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after purchasing an additional 8,447,091 shares in the last quarter. Swedbank AB purchased a new position in shares of Bank of America in the first quarter worth approximately $261,923,000. 1832 Asset Management L.P. lifted its position in shares of Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after acquiring an additional 5,749,567 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Bank of America by 290.7% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock worth $269,763,000 after purchasing an additional 5,293,000 shares during the period. Finally, International Assets Investment Management LLC grew its position in Bank of America by 3,550.7% during the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after purchasing an additional 4,423,215 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 107,883,988 shares of company stock valued at $4,344,741,752. Insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.75 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business has a 50 day moving average price of $41.49 and a 200 day moving average price of $40.35. The company has a market cap of $358.71 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 1.58 and a beta of 1.32. Bank of America Co. has a twelve month low of $29.22 and a twelve month high of $46.84.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the business earned $0.90 earnings per share. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. Research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America announced that its board has authorized a stock repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Bank of America Dividend Announcement

The business also recently disclosed 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 of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.22%. Bank of America’s payout ratio is 37.82%.

Analysts Set New Price Targets

BAC has been the subject of several research analyst reports. Keefe, Bruyette & Woods increased their price objective on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Oppenheimer upped their price target on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Finally, Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $44.26.

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.