Longfellow Investment Management Co. LLC Acquires 227 Shares of Bank of America Co. (NYSE:BAC)

Longfellow Investment Management Co. LLC boosted its stake in Bank of America Co. (NYSE:BAC) by 0.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 37,393 shares of the financial services provider’s stock after buying an additional 227 shares during the quarter. Longfellow Investment Management Co. LLC’s holdings in Bank of America were worth $1,484,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Accent Capital Management LLC lifted 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 valued at $1,567,000 after purchasing an additional 11,873 shares in the last quarter. Summit Global Investments lifted its position in shares of 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 buying an additional 36,089 shares in the last quarter. Baker Avenue Asset Management LP lifted its position in shares of Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after buying an additional 33,983 shares in the last quarter. Banco Santander S.A. increased its position in shares of Bank of America by 173.7% during the third quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock valued at $23,150,000 after acquiring an additional 370,275 shares during the last quarter. Finally, Citizens Financial Group Inc. RI lifted its holdings in Bank of America by 27.1% during the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after acquiring an additional 20,916 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

NYSE BAC opened at $47.54 on Monday. The company has a 50-day simple moving average of $42.24 and a two-hundred day simple moving average of $40.69. Bank of America Co. has a 12-month low of $29.32 and a 12-month high of $47.54. The firm has a market cap of $364.77 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 1.59 and a beta of 1.32. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

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, 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 company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the business posted $0.90 EPS. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given 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 2.19%. Bank of America’s payout ratio is currently 37.82%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company increased their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Barclays lifted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, Evercore ISI upped their price target on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $44.26.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 7,081,075 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $39.95, for a total transaction of $282,888,946.25. Following the completion of the sale, the insider now directly owns 896,719,301 shares of the company’s stock, valued at approximately $35,823,936,074.95. This represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 85,119,690 shares of company stock worth $3,438,777,236. 0.29% of the stock is currently owned by company 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.