Bretton Capital Management LLC Buys New Shares in Bank of America Co. (NYSE:BAC)

Bretton Capital Management LLC purchased a new position in Bank of America Co. (NYSE:BAC) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 126,000 shares of the financial services provider’s stock, valued at approximately $5,000,000. Bank of America makes up 4.8% of Bretton Capital Management LLC’s holdings, making the stock its 11th biggest position.

Several other institutional investors have also recently made changes to their positions in the stock. Planning Capital Management Corp boosted its position in shares of Bank of America by 296.4% in the third quarter. Planning Capital Management Corp now owns 4,785 shares of the financial services provider’s stock worth $190,000 after purchasing an additional 3,578 shares during the period. KBC Group NV lifted its stake in shares of Bank of America by 74.6% during the 3rd quarter. KBC Group NV now owns 4,198,462 shares of the financial services provider’s stock valued at $166,595,000 after buying an additional 1,793,833 shares in the last quarter. Summit Asset Management LLC boosted its holdings in Bank of America by 23.1% in the 3rd quarter. Summit Asset Management LLC now owns 32,785 shares of the financial services provider’s stock worth $1,301,000 after buying an additional 6,151 shares during the period. Regal Partners Ltd increased its stake in Bank of America by 11.7% in the 3rd quarter. Regal Partners Ltd now owns 2,135,025 shares of the financial services provider’s stock worth $84,718,000 after buying an additional 223,345 shares in the last quarter. Finally, Plato Investment Management Ltd lifted its holdings in shares of Bank of America by 16.6% in the third quarter. Plato Investment Management Ltd now owns 169,308 shares of the financial services provider’s stock worth $6,711,000 after buying an additional 24,152 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the transaction, the insider now owns 928,460,939 shares in the company, valued at approximately $36,813,476,231.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction 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 in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $39.65, for a total value of $199,638,463.70. Following the sale, the insider now directly owns 928,460,939 shares in the company, valued at $36,813,476,231.35. 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 ninety days. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Up 0.0 %

NYSE:BAC opened at $45.88 on Thursday. The stock has a fifty day simple moving average of $41.22 and a 200-day simple moving average of $40.22. 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 cap of $352.03 billion, a price-to-earnings ratio of 16.68, a price-to-earnings-growth ratio of 1.55 and a beta of 1.32. Bank of America Co. has a twelve month low of $28.47 and a twelve month high of $46.52.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during 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 quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the company earned $0.90 EPS. Analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Announces Dividend

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

Analyst Ratings Changes

A number of analysts have issued reports on BAC shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price target 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 company an “outperform” rating in a research note on Wednesday, October 16th. Oppenheimer upped their price objective on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, BMO Capital Markets increased their price objective on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.