Stonebrook Private Inc. Has $702,000 Holdings in Bank of America Co. (NYSE:BAC)

Stonebrook Private Inc. grew its holdings in Bank of America Co. (NYSE:BAC) by 7.5% during the third quarter, Holdings Channel.com reports. The firm owned 17,699 shares of the financial services provider’s stock after acquiring an additional 1,239 shares during the quarter. Stonebrook Private Inc.’s holdings in Bank of America were worth $702,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. McAdam LLC grew its stake in shares of Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after buying an additional 238 shares in the last quarter. Integrity Financial Corp WA grew its stake in shares of Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after buying an additional 240 shares in the last quarter. BTC Capital Management Inc. grew its stake in shares of Bank of America by 1.2% in the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after buying an additional 248 shares in the last quarter. Central Bank & Trust Co. grew its stake in shares of Bank of America by 15.1% in the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after buying an additional 248 shares in the last quarter. Finally, SNS Financial Group LLC grew its stake in shares of Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after buying an additional 248 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $47.00 on Friday. The business’s 50 day simple moving average is $42.24 and its 200 day simple moving average is $40.65. Bank of America Co. has a one year low of $29.32 and a one year high of $47.22. The stock has a market capitalization of $360.63 billion, a PE ratio of 17.09, a PEG ratio of 1.57 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS 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 business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the business posted $0.90 earnings per share. The firm’s revenue was up .4% on a year-over-year basis. As a group, research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.21%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is presently 37.82%.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred 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 owns 96,082 shares in the company, valued at $3,824,063.60. The trade was a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 96,094,698 shares of company stock worth $3,876,350,805. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on BAC. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Wells Fargo & Company boosted their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Morgan Stanley boosted their target price on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $46.00 to $54.00 in a research report on Friday, November 8th. 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

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.