Citizens Financial Group Inc. RI Boosts Holdings in Bank of America Co. (NYSE:BAC)

Citizens Financial Group Inc. RI grew its position in Bank of America Co. (NYSE:BAC) by 42.0% in the 3rd quarter, Holdings Channel.com reports. The fund owned 1,007,169 shares of the financial services provider’s stock after acquiring an additional 298,003 shares during the quarter. Bank of America comprises about 0.8% of Citizens Financial Group Inc. RI’s holdings, making the stock its 25th largest position. Citizens Financial Group Inc. RI’s holdings in Bank of America were worth $39,965,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of BAC. Legal & General Group Plc grew its position in Bank of America by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after buying an additional 895,884 shares during the last quarter. Diamond Hill Capital Management Inc. increased its stake in shares of Bank of America by 0.4% during the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after acquiring an additional 59,853 shares during the period. Clearbridge Investments LLC raised its holdings in Bank of America by 23.6% during the second quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock worth $646,693,000 after purchasing an additional 3,109,197 shares in the last quarter. Principal Financial Group Inc. lifted its position in Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after purchasing an additional 569,385 shares during the period. Finally, National Pension Service boosted its holdings in Bank of America by 15.2% in the 3rd quarter. National Pension Service now owns 13,502,778 shares of the financial services provider’s stock valued at $535,790,000 after purchasing an additional 1,783,631 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Bernard A. Mensah sold 92,000 shares of Bank of America 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 transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $39.87, for a total value of $437,573,568.96. Following the sale, the insider now owns 910,731,659 shares of the company’s stock, valued at $36,310,871,244.33. This represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 102,848,970 shares of company stock valued at $4,145,103,288. Insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $46.06 on Thursday. The stock has a market capitalization of $353.41 billion, a P/E ratio of 16.75, a P/E/G ratio of 1.57 and a beta of 1.32. Bank of America Co. has a 12-month low of $29.32 and a 12-month high of $47.02. 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 is $41.92 and its two-hundred day moving average is $40.55.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the previous year, the company earned $0.90 EPS. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. Equities 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 of Directors has initiated a share buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given 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 yield of 2.26%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Analysts Set New Price Targets

BAC has been the subject of several recent analyst reports. Keefe, Bruyette & Woods raised their price target on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a report on Tuesday, September 3rd. Morgan Stanley increased their price target on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Barclays boosted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. 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 given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.26.

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.