Jmac Enterprises LLC Grows Holdings in Bank of America Co. (NYSE:BAC)

Jmac Enterprises LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.3% in the 3rd quarter, Holdings Channel reports. The fund owned 36,678 shares of the financial services provider’s stock after acquiring an additional 1,187 shares during the period. Jmac Enterprises LLC’s holdings in Bank of America were worth $1,455,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. boosted its stake in Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after acquiring an additional 36,124,363 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of 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 acquiring an additional 895,884 shares during the last quarter. Capital World Investors raised its position in shares of Bank of America by 0.4% during the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock valued at $1,530,241,000 after acquiring an additional 165,070 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in Bank of America by 23.6% in 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 during the period. Finally, Principal Financial Group Inc. increased its stake in Bank of America by 3.8% during 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 last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on BAC shares. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Evercore ISI lifted their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Cfra reiterated a “sell” rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Phillip Securities upgraded 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. Finally, Morgan Stanley upped their price objective on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.97.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of Bank of America stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the transaction, the insider now owns 937,246,053 shares in the company, valued at approximately $36,843,142,343.43. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the transaction, the insider now owns 937,246,053 shares in the company, valued at approximately $36,843,142,343.43. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,067,817 shares of company stock valued at $4,548,518,070 in the last three months. 0.29% of the stock is currently owned by company insiders.

Bank of America Stock Down 0.9 %

Shares of Bank of America stock opened at $45.02 on Thursday. Bank of America Co. has a 12-month low of $27.34 and a 12-month high of $45.55. The firm has a market capitalization of $345.43 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 1.40 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. The stock’s fifty day moving average is $40.72 and its 200-day moving average is $39.96.

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 (EPS) for the quarter, topping 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 firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the previous year, the company earned $0.90 EPS. The business’s revenue for the quarter was up .4% compared to the same quarter last year. Equities analysts anticipate that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Bank of America announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

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.