Cullinan Associates Inc. Has $2.81 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Cullinan Associates Inc. boosted its stake in Bank of America Co. (NYSE:BAC) by 20.4% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 67,325 shares of the financial services provider’s stock after buying an additional 11,400 shares during the period. Cullinan Associates Inc.’s holdings in Bank of America were worth $2,813,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Ballentine Partners LLC increased its stake in shares of Bank of America by 3.2% during the third quarter. Ballentine Partners LLC now owns 142,909 shares of the financial services provider’s stock worth $5,671,000 after purchasing an additional 4,390 shares during the period. Garrison Point Advisors LLC increased its position in Bank of America by 4.5% during the 3rd quarter. Garrison Point Advisors LLC now owns 17,479 shares of the financial services provider’s stock worth $694,000 after buying an additional 751 shares during the period. Silver Oak Securities Incorporated increased its position in Bank of America by 40.7% during the 3rd quarter. Silver Oak Securities Incorporated now owns 10,945 shares of the financial services provider’s stock worth $431,000 after buying an additional 3,164 shares during the period. Moody Lynn & Lieberson LLC boosted its position in shares of Bank of America by 21.5% in the third quarter. Moody Lynn & Lieberson LLC now owns 27,277 shares of the financial services provider’s stock valued at $1,082,000 after acquiring an additional 4,828 shares during the period. Finally, Dakota Wealth Management grew its stake in shares of Bank of America by 180.1% in the third quarter. Dakota Wealth Management now owns 531,330 shares of the financial services provider’s stock valued at $21,083,000 after acquiring an additional 341,663 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 0.2 %

NYSE BAC traded down $0.07 during trading hours on Friday, reaching $42.58. The company’s stock had a trading volume of 2,065,725 shares, compared to its average volume of 38,518,906. The firm has a fifty day simple moving average of $40.11 and a 200-day simple moving average of $39.53. 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 Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The stock has a market cap of $330.40 billion, a P/E 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 quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America announced that its board has authorized a stock repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.44%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $40.63, for a total transaction of $284,146,717.60. Following the completion of the sale, the insider now owns 948,077,805 shares of the company’s stock, valued at approximately $38,520,401,217.15. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, 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 completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $40.63, for a total value of $284,146,717.60. Following the completion of the transaction, the insider now directly owns 948,077,805 shares in the company, valued at approximately $38,520,401,217.15. 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 ninety days. 0.29% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Jefferies Financial Group lifted their price objective on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Oppenheimer lifted their price target on shares of Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. BMO Capital Markets raised their price target on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Barclays upped their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Cfra reissued a “sell” rating and issued a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has assigned 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 a consensus target price of $42.69.

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.