Aljian Capital Management LLC Takes $2.03 Million Position in Bank of America Co. (NYSE:BAC)

Aljian Capital Management LLC purchased a new position in shares of Bank of America Co. (NYSE:BAC) during the third quarter, Holdings Channel.com reports. The fund purchased 51,140 shares of the financial services provider’s stock, valued at approximately $2,029,000. Bank of America accounts for 0.5% of Aljian Capital Management LLC’s holdings, making the stock its 26th largest position.

Other hedge funds have also made changes to their positions in the company. Claro Advisors LLC increased its position in Bank of America by 43.9% in the third quarter. Claro Advisors LLC now owns 60,312 shares of the financial services provider’s stock worth $2,393,000 after buying an additional 18,400 shares during the period. Concord Asset Management LLC VA grew its position in shares of Bank of America by 1.9% during the third quarter. Concord Asset Management LLC VA now owns 15,868 shares of the financial services provider’s stock worth $630,000 after acquiring an additional 294 shares during the last quarter. Accent Capital Management LLC increased its holdings in shares of Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after acquiring an additional 11,873 shares during the period. Adero Partners LLC lifted its position in Bank of America by 15.9% in the 3rd quarter. Adero Partners LLC now owns 6,992 shares of the financial services provider’s stock valued at $277,000 after purchasing an additional 961 shares during the last quarter. Finally, Atlanta Consulting Group Advisors LLC increased its stake in shares of Bank of America by 144.8% in the third quarter. Atlanta Consulting Group Advisors LLC now owns 47,192 shares of the financial services provider’s stock valued at $1,873,000 after purchasing an additional 27,917 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In related news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total value of $90,533,647.05. Following the transaction, the insider now owns 812,041,811 shares in the company, valued at $31,888,881,917.97. This trade represents a 0.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 102,848,970 shares of company stock valued at $4,145,103,288. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised 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 increased their price target on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $54.00 in a report on Friday, November 8th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $44.26.

Bank of America Stock Performance

Shares of Bank of America stock opened at $46.75 on Monday. The company has a market cap of $358.71 billion, a PE ratio of 17.00, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32. The business has a 50 day moving average price of $41.49 and a 200-day moving average price of $40.37. Bank of America Co. has a 52 week low of $29.22 and a 52 week high of $46.84. 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 announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 earnings per share. Equities analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

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

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

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.