Princeton Capital Management LLC Has $1.39 Million Position in Bank of America Co. (NYSE:BAC)

Princeton Capital Management LLC lowered its position in Bank of America Co. (NYSE:BAC) by 2.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,937 shares of the financial services provider’s stock after selling 790 shares during the quarter. Princeton Capital Management LLC’s holdings in Bank of America were worth $1,386,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Fairway Wealth LLC acquired a new position in Bank of America during the second quarter worth $27,000. POM Investment Strategies LLC increased its position in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the period. Kennebec Savings Bank acquired a new position in Bank of America during the 3rd quarter valued at $29,000. Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the 2nd quarter worth $30,000. Finally, Christopher J. Hasenberg Inc lifted its stake 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 buying an additional 852 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of Bank of America stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $39.87, for a total value of $437,573,568.96. Following the sale, the insider now owns 910,731,659 shares of the company’s stock, valued at approximately $36,310,871,244.33. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’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 sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 102,848,970 shares of company stock worth $4,145,103,288. 0.29% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BAC shares. 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. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Tuesday, September 3rd. Barclays raised their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods boosted their target price on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. One research 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. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.26.

Bank of America Trading Down 0.1 %

Shares of Bank of America stock opened at $46.72 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 stock has a fifty day simple moving average of $41.64 and a 200 day simple moving average of $40.44. Bank of America Co. has a 12-month low of $29.32 and a 12-month high of $47.02. The company has a market capitalization of $358.48 billion, a P/E ratio of 16.99, a price-to-earnings-growth ratio of 1.58 and a beta of 1.32.

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 net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the prior year, the company posted $0.90 earnings per share. The firm’s revenue for the quarter was up .4% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

About Bank of America

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.