Stableford Capital II LLC Raises Stock Position in Bank of America Co. (NYSE:BAC)

Stableford Capital II LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 2.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,260 shares of the financial services provider’s stock after purchasing an additional 563 shares during the period. Stableford Capital II LLC’s holdings in Bank of America were worth $1,018,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Tsfg LLC raised its stake in Bank of America by 5.0% in the third quarter. Tsfg LLC now owns 7,223 shares of the financial services provider’s stock worth $287,000 after buying an additional 346 shares in the last quarter. Jamison Private Wealth Management Inc. boosted its position in Bank of America by 2.8% during the 3rd quarter. Jamison Private Wealth Management Inc. now owns 260,579 shares of the financial services provider’s stock valued at $10,340,000 after acquiring an additional 7,118 shares in the last quarter. Opal Wealth Advisors LLC grew its holdings in shares of Bank of America by 7.3% during the 3rd quarter. Opal Wealth Advisors LLC now owns 15,284 shares of the financial services provider’s stock worth $606,000 after acquiring an additional 1,045 shares during the period. Cascade Investment Group Inc. raised its position in shares of Bank of America by 31.2% in the 3rd quarter. Cascade Investment Group Inc. now owns 7,977 shares of the financial services provider’s stock worth $317,000 after acquiring an additional 1,897 shares in the last quarter. Finally, Acorn Creek Capital LLC purchased a new position in shares of Bank of America in the 3rd quarter valued at approximately $247,000. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on BAC. Barclays upped their price target on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods upped their target price 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. Morgan Stanley increased their price target on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday. Oppenheimer boosted their price objective on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Cfra reaffirmed a “sell” rating and set a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $42.47.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the sale, the insider now directly owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 148,230,389 shares of company stock valued at $6,023,064,684. 0.29% of the stock is owned by company insiders.

Bank of America Stock Performance

Shares of BAC stock opened at $42.17 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a 50 day moving average price of $39.62 and a 200-day moving average price of $39.33. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The firm has a market capitalization of $329.79 billion, a PE ratio of 14.57, a P/E/G ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 EPS. As a group, equities research analysts expect that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend was Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is 35.99%.

Bank of America declared that its Board of Directors has initiated 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 purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

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.