DT Investment Partners LLC Has $586,000 Position in Bank of America Co. (NYSE:BAC)

DT Investment Partners LLC increased its holdings in Bank of America Co. (NYSE:BAC) by 8.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,768 shares of the financial services provider’s stock after purchasing an additional 1,133 shares during the period. DT Investment Partners LLC’s holdings in Bank of America were worth $586,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. McAdam LLC lifted its position in shares of Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after buying an additional 238 shares during the period. Integrity Financial Corp WA lifted its holdings in shares of Bank of America by 1.6% during the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after acquiring an additional 240 shares during the period. BTC Capital Management Inc. boosted its stake in shares of Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 248 shares in the last quarter. Central Bank & Trust Co. boosted its stake in shares of Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 248 shares in the last quarter. Finally, SNS Financial Group LLC grew its holdings in shares of Bank of America by 3.3% in the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 248 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on BAC. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a report on Friday, October 18th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Evercore ISI increased their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Barclays increased their target price on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Bank of America Trading Up 0.7 %

NYSE BAC opened at $42.64 on Friday. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The stock has a 50-day simple moving average of $40.11 and a 200 day simple moving average of $39.53. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $330.87 billion, a PE ratio of 15.51, a P/E/G ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results 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 company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the company earned $0.90 EPS. The company’s revenue for the quarter was up .4% compared to the same quarter last year. Research analysts forecast that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Dividend Announcement

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 issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.44%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America declared that its board 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 reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $41.20, for a total value of $216,901,561.20. Following the completion of the sale, the insider now owns 961,646,715 shares in the company, valued at $39,619,844,658. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $41.20, for a total value of $216,901,561.20. Following the completion of the transaction, the insider now directly owns 961,646,715 shares in the company, valued at approximately $39,619,844,658. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’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 transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This trade 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 125,336,839 shares of company stock valued at $5,049,968,704 over the last three months. 0.29% of the stock is currently owned by corporate 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.