Baugh & Associates LLC Has $5.66 Million Position in Bank of America Co. (NYSE:BAC)

Baugh & Associates LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 6.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 150,272 shares of the financial services provider’s stock after buying an additional 8,715 shares during the quarter. Bank of America comprises approximately 2.9% of Baugh & Associates LLC’s portfolio, making the stock its 12th largest holding. Baugh & Associates LLC’s holdings in Bank of America were worth $5,662,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Citizens Financial Group Inc. RI lifted its stake in Bank of America by 27.1% in the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after acquiring an additional 20,916 shares during the last quarter. Councilmark Asset Management LLC acquired a new position in Bank of America during the 1st quarter valued at $771,000. SteelPeak Wealth LLC raised its stake in Bank of America by 37.7% during the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after purchasing an additional 14,901 shares during the last quarter. Brookstone Capital Management raised its stake in Bank of America by 11.5% during the 2nd quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider’s stock valued at $8,628,000 after purchasing an additional 20,309 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in Bank of America by 39.7% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 9,941,700 shares of the financial services provider’s stock valued at $395,381,000 after purchasing an additional 2,827,700 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. BMO Capital Markets upped their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Phillip Securities upgraded 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 research note on Friday, October 18th. Oppenheimer increased their price objective on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, Cfra restated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research note 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 given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $42.97.

Bank of America Stock Up 8.4 %

Shares of NYSE:BAC opened at $45.39 on Thursday. Bank of America Co. has a 12 month low of $27.34 and a 12 month high of $45.55. The company’s 50-day moving average price is $40.72 and its two-hundred day moving average price is $39.96. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $348.27 billion, a P/E ratio of 16.51, a P/E/G ratio of 1.40 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the prior year, the firm earned $0.90 EPS. The company’s revenue was up .4% on a year-over-year basis. As a group, research analysts forecast that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America Announces Dividend

The business 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. This represents a $1.04 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

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

Insiders Place Their Bets

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were 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. The trade was 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 113,067,817 shares of company stock valued at $4,548,518,070 in the last 90 days. 0.29% of the stock is currently owned by insiders.

Bank of America 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.