Bank of America Co. (NYSE:BAC) Shares Purchased by Entropy Technologies LP

Entropy Technologies LP raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 53.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 170,282 shares of the financial services provider’s stock after purchasing an additional 58,965 shares during the quarter. Bank of America accounts for 0.7% of Entropy Technologies LP’s portfolio, making the stock its 15th largest position. Entropy Technologies LP’s holdings in Bank of America were worth $6,757,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of BAC. Quent Capital LLC lifted its holdings in Bank of America by 3.6% during the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after buying an additional 1,037 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Bank of America by 35.4% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,500,472 shares of the financial services provider’s stock worth $208,578,000 after purchasing an additional 1,437,843 shares during the last quarter. Koshinski Asset Management Inc. lifted its holdings in shares of Bank of America by 83.9% in the 1st quarter. Koshinski Asset Management Inc. now owns 60,429 shares of the financial services provider’s stock worth $2,291,000 after purchasing an additional 27,566 shares during the last quarter. Rogco LP lifted its holdings in shares of Bank of America by 17.8% in the 1st quarter. Rogco LP now owns 19,999 shares of the financial services provider’s stock worth $758,000 after purchasing an additional 3,015 shares during the last quarter. Finally, BHK Investment Advisors LLC boosted its position in Bank of America by 54.3% during the 1st quarter. BHK Investment Advisors LLC now owns 11,123 shares of the financial services provider’s stock worth $422,000 after acquiring an additional 3,916 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the company’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 owns 937,246,053 shares of the company’s stock, valued at $36,843,142,343.43. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Bank of America news, 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 completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the company’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 transaction, the insider now directly owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,067,817 shares of company stock worth $4,548,518,070 in the last 90 days. 0.29% of the stock is owned by company insiders.

Bank of America Stock Performance

BAC opened at $46.10 on Tuesday. The company has a market cap of $353.72 billion, a PE ratio of 16.76, a price-to-earnings-growth ratio of 1.53 and a beta of 1.32. The stock has a 50-day moving average of $40.90 and a 200-day moving average of $40.07. Bank of America Co. has a 52-week low of $27.42 and a 52-week high of $46.52. 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 announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the prior year, the company earned $0.90 EPS. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a share buyback 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 purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.26%. Bank of America’s payout ratio is 37.82%.

Analysts Set New Price Targets

A number of research analysts have issued reports on BAC shares. Keefe, Bruyette & Woods boosted their price target on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Evercore ISI boosted 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. 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. Morgan Stanley boosted their price target on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.69.

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.