Horizon Kinetics Asset Management LLC Purchases 22,950 Shares of Bank of America Co. (NYSE:BAC)

Horizon Kinetics Asset Management LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 87.3% in the third quarter, HoldingsChannel reports. The fund owned 49,225 shares of the financial services provider’s stock after acquiring an additional 22,950 shares during the period. Horizon Kinetics Asset Management LLC’s holdings in Bank of America were worth $1,953,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the second quarter valued at about $27,000. POM Investment Strategies LLC grew its stake in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares in the last quarter. Kennebec Savings Bank acquired a new position in shares of Bank of America during the 3rd quarter worth approximately $29,000. Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America during 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 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 1.1 %

NYSE BAC opened at $47.50 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market cap of $364.46 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 1.59 and a beta of 1.32. The company has a 50 day moving average of $42.41 and a 200-day moving average of $40.76. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.74.

Bank of America (NYSE:BAC) last announced 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 during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 EPS. On average, equities research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. Bank of America’s payout ratio is 37.82%.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 85,027,690 shares of company stock valued at $3,435,115,636 in the last ninety days. 0.29% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, September 3rd. Evercore ISI upped their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America Company 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.