Bank of America Co. (NYSE:BAC) Shares Acquired by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. boosted its holdings in Bank of America Co. (NYSE:BAC) by 1.0% during the 3rd quarter, Holdings Channel reports. The fund owned 115,900 shares of the financial services provider’s stock after acquiring an additional 1,180 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Bank of America were worth $4,599,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Fairway Wealth LLC acquired a new position in shares of Bank of America during the second quarter valued at $27,000. POM Investment Strategies LLC increased its stake in Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares during the period. Kennebec Savings Bank bought a new stake in shares of Bank of America during the 3rd quarter worth about $29,000. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America in the 2nd quarter worth approximately $30,000. Finally, Christopher J. Hasenberg Inc boosted its holdings in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 852 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the transaction, the insider now owns 812,041,811 shares of the company’s stock, valued at approximately $31,888,881,917.97. This trade represents a 0.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the business’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 sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 96,094,698 shares of company stock worth $3,876,350,805 over the last 90 days. 0.29% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research reports. Oppenheimer boosted their price objective on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Evercore ISI lifted their price objective on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $44.26.

Bank of America Price Performance

Shares of BAC opened at $47.00 on Friday. 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 capitalization of $360.63 billion, a price-to-earnings ratio of 17.09, a P/E/G ratio of 1.57 and a beta of 1.32. The business’s 50-day moving average is $42.24 and its 200-day moving average is $40.67. Bank of America Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.22.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. The firm 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 EPS. Equities research analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

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 given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. Bank of America’s payout ratio is 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.