Associated Banc Corp Grows Position in Bank of America Co. (NYSE:BAC)

Associated Banc Corp lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 380,420 shares of the financial services provider’s stock after buying an additional 4,286 shares during the period. Associated Banc Corp’s holdings in Bank of America were worth $15,095,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Horizon Kinetics Asset Management LLC boosted its position in shares of Bank of America by 87.3% during the third quarter. Horizon Kinetics Asset Management LLC now owns 49,225 shares of the financial services provider’s stock valued at $1,953,000 after buying an additional 22,950 shares during the last quarter. Longfellow Investment Management Co. LLC boosted its position in shares of Bank of America by 0.6% during the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after buying an additional 227 shares during the last quarter. Truvestments Capital LLC purchased a new stake in shares of Bank of America during the third quarter valued at $73,000. Bedell Frazier Investment Counselling LLC boosted its position in Bank of America by 0.5% in the third quarter. Bedell Frazier Investment Counselling LLC now owns 120,319 shares of the financial services provider’s stock worth $4,774,000 after purchasing an additional 588 shares during the last quarter. Finally, Independent Advisor Alliance boosted its position in Bank of America by 5.2% in the third quarter. Independent Advisor Alliance now owns 221,058 shares of the financial services provider’s stock worth $8,772,000 after purchasing an additional 10,971 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.8 %

Shares of Bank of America stock traded up $0.37 on Monday, reaching $47.37. The company had a trading volume of 3,745,583 shares, compared to its average volume of 38,471,422. The firm has a market cap of $363.46 billion, a price-to-earnings ratio of 17.09, a P/E/G ratio of 1.59 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm’s 50-day moving average price is $42.24 and its two-hundred day moving average price is $40.69. Bank of America Co. has a 1 year low of $29.32 and a 1 year high of $47.49.

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, topping analysts’ consensus estimates 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 firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the previous year, the business earned $0.90 EPS. The company’s quarterly revenue was up .4% on a year-over-year basis. As a group, research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Keefe, Bruyette & Woods raised their target price on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Morgan Stanley raised their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI raised their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Barclays raised their price objective on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently 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 7,081,075 shares of the business’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $39.95, for a total transaction of $282,888,946.25. Following the completion of the transaction, the insider now owns 896,719,301 shares in the company, valued at $35,823,936,074.95. The trade was a 0.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 85,119,690 shares of company stock worth $3,438,777,236 in the last quarter. 0.29% of the stock is owned by company 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.