Allen Capital Group LLC Increases Stake in Bank of America Co. (NYSE:BAC)

Allen Capital Group LLC increased its holdings in Bank of America Co. (NYSE:BAC) by 2.3% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 32,141 shares of the financial services provider’s stock after purchasing an additional 736 shares during the period. Allen Capital Group LLC’s holdings in Bank of America were worth $1,275,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. CFS Investment Advisory Services LLC purchased a new stake in Bank of America during the 3rd quarter valued at $1,259,000. Raymond James Trust N.A. boosted its position in Bank of America by 2.9% during the 3rd quarter. Raymond James Trust N.A. now owns 234,355 shares of the financial services provider’s stock valued at $9,299,000 after buying an additional 6,517 shares during the period. First County Bank CT boosted its position in Bank of America by 7.9% during the 3rd quarter. First County Bank CT now owns 8,413 shares of the financial services provider’s stock valued at $334,000 after buying an additional 614 shares during the period. 49 Wealth Management LLC purchased a new stake in Bank of America during the 3rd quarter valued at $285,000. Finally, Lathrop Investment Management Corp boosted its position in Bank of America by 4.7% during the 3rd quarter. Lathrop Investment Management Corp now owns 18,805 shares of the financial services provider’s stock valued at $746,000 after buying an additional 850 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Tuesday, September 3rd. Barclays upped their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Oppenheimer upped their price objective on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Finally, Wells Fargo & Company upped 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 investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $44.26.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $39.87, for a total value of $437,573,568.96. Following the transaction, the insider now owns 910,731,659 shares of the company’s stock, valued at approximately $36,310,871,244.33. This trade represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’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 transaction of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 96,094,698 shares of company stock valued at $3,876,350,805 in the last 90 days. 0.29% of the stock is currently owned by insiders.

Bank of America Stock Up 1.1 %

NYSE:BAC opened at $46.55 on Friday. The firm has a 50-day simple moving average of $42.07 and a two-hundred day simple moving average of $40.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $357.13 billion, a P/E ratio of 16.93, a P/E/G ratio of 1.57 and a beta of 1.32. Bank of America Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.05.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 EPS. Analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders 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 dividend yield of 2.23%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is presently 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.