Planning Capital Management Corp Grows Stake in Bank of America Co. (NYSE:BAC)

Planning Capital Management Corp increased its position in shares of Bank of America Co. (NYSE:BAC) by 296.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,785 shares of the financial services provider’s stock after buying an additional 3,578 shares during the quarter. Planning Capital Management Corp’s holdings in Bank of America were worth $190,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in BAC. Fairway Wealth LLC acquired a new position in Bank of America during the second quarter worth $27,000. Delos Wealth Advisors LLC boosted its holdings in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the last quarter. POM Investment Strategies LLC lifted its stake in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares in the last quarter. Kennebec Savings Bank acquired a new position in shares of Bank of America during the third quarter worth about $29,000. Finally, Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America in the second quarter worth about $30,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently commented on BAC shares. BMO Capital Markets upped their target price on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $43.69.

Bank of America Stock Up 0.0 %

Shares of Bank of America stock opened at $45.88 on Thursday. The stock has a market cap of $352.03 billion, a price-to-earnings ratio of 16.68, a PEG ratio of 1.55 and a beta of 1.32. The firm’s 50-day moving average is $41.22 and its two-hundred day moving average is $40.22. Bank of America Co. has a 1 year low of $28.47 and a 1 year high of $46.52. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter last year, the company earned $0.90 EPS. As a group, research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

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

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. 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, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 107,883,988 shares of company stock valued at $4,344,741,752 in the last three months. 0.29% of the stock is owned by corporate insiders.

Bank of America 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.