Bank of America Co. (NYSE:BAC) Shares Acquired by True Vision MN LLC

True Vision MN LLC lifted its holdings in Bank of America Co. (NYSE:BAC) by 14.8% in the third quarter, HoldingsChannel reports. The firm owned 15,087 shares of the financial services provider’s stock after buying an additional 1,946 shares during the quarter. True Vision MN LLC’s holdings in Bank of America were worth $599,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Accent Capital Management LLC grew its position in shares of Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after buying an additional 11,873 shares in the last quarter. Summit Global Investments grew its holdings in Bank of America by 237.6% during the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after acquiring an additional 36,089 shares in the last quarter. Baker Avenue Asset Management LP increased its position in shares of Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares during the last quarter. Banco Santander S.A. raised its holdings in shares of Bank of America by 173.7% in the 3rd quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock valued at $23,150,000 after purchasing an additional 370,275 shares in the last quarter. Finally, Citizens Financial Group Inc. RI lifted its position in shares of Bank of America by 27.1% during the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after purchasing an additional 20,916 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 8,031,639 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $40.66, for a total value of $326,566,441.74. Following the sale, the insider now directly owns 874,692,264 shares of the company’s stock, valued at approximately $35,564,987,454.24. This represents a 0.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders sold 77,946,615 shares of company stock valued at $3,152,226,690. 0.29% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

BAC has been the topic of several recent analyst reports. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Evercore ISI increased their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Morgan Stanley boosted their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods upped their price target on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Wells Fargo & Company raised their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Price Performance

Shares of NYSE BAC traded up $0.09 during trading on Wednesday, hitting $47.84. 1,584,776 shares of the company were exchanged, compared to its average volume of 38,443,227. The firm’s fifty day moving average price is $42.57 and its 200 day moving average price is $40.82. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $367.07 billion, a price-to-earnings ratio of 17.36, a PEG ratio of 1.61 and a beta of 1.32. Bank of America Co. has a 1 year low of $29.32 and a 1 year high of $47.98.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the prior year, the business posted $0.90 earnings per share. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. On average, sell-side analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

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.