Graypoint LLC Buys 1,320 Shares of Bank of America Co. (NYSE:BAC)

Graypoint LLC boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 86,021 shares of the financial services provider’s stock after purchasing an additional 1,320 shares during the period. Graypoint LLC’s holdings in Bank of America were worth $3,413,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in BAC. Quent Capital LLC grew its holdings in Bank of America by 3.6% in the first quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after purchasing an additional 1,037 shares during the period. Advisory Alpha LLC grew its position in Bank of America by 6.0% in the 1st quarter. Advisory Alpha LLC now owns 24,461 shares of the financial services provider’s stock worth $928,000 after purchasing an additional 1,379 shares during the period. Tweedy Browne Co LLC boosted its position in Bank of America by 0.6% in the first quarter. Tweedy Browne Co LLC now owns 521,151 shares of the financial services provider’s stock worth $19,762,000 after purchasing an additional 3,125 shares during the last quarter. Concord Investment Counsel Inc. purchased a new stake in Bank of America during the first quarter valued at approximately $6,075,000. Finally, CFO4Life Group LLC grew its holdings in Bank of America by 18.7% during the first quarter. CFO4Life Group LLC now owns 14,066 shares of the financial services provider’s stock valued at $533,000 after purchasing an additional 2,215 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of BAC stock opened at $45.39 on Thursday. The stock’s 50-day simple moving average is $40.72 and its 200-day simple moving average is $39.96. The firm has a market capitalization of $348.27 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 1.40 and a beta of 1.32. Bank of America Co. has a fifty-two week low of $27.34 and a fifty-two week high of $45.55. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the firm posted $0.90 EPS. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, equities analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

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 issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America announced that its Board of Directors has approved a stock repurchase program 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 shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a report on Friday, October 18th. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Cfra restated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Oppenheimer upped their target price on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday. 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 given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.97.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the completion of the transaction, the insider now directly owns 937,246,053 shares of the company’s stock, 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 legal filing with the SEC, which can be accessed through this link. 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 stock was sold at an average price of $39.80, for a total transaction 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 represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $39.31, for a total value of $203,776,317.99. Following the completion of the sale, the insider now owns 937,246,053 shares of the company’s stock, valued at $36,843,142,343.43. 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 113,067,817 shares of company stock worth $4,548,518,070 over the last quarter. 0.29% of the stock is currently owned by 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.