Allen Capital Group LLC Buys 736 Shares of Bank of America Co. (NYSE:BAC)

Allen Capital Group LLC raised its stake in Bank of America Co. (NYSE:BAC) by 2.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 32,141 shares of the financial services provider’s stock after purchasing an additional 736 shares during the period. Allen Capital Group LLC’s holdings in Bank of America were worth $1,275,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fairway Wealth LLC acquired a new position in shares of Bank of America during the second quarter valued at about $27,000. POM Investment Strategies LLC boosted its holdings in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the last quarter. Kennebec Savings Bank purchased a new position in Bank of America during the third quarter worth about $29,000. Bbjs Financial Advisors LLC purchased a new position in Bank of America during the second quarter worth about $30,000. Finally, Christopher J. Hasenberg Inc boosted its holdings in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction 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 transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. The trade was a 48.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 96,094,698 shares of company stock valued at $3,876,350,805. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Evercore ISI boosted their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, September 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America Stock Performance

NYSE BAC opened at $46.55 on Friday. The company’s 50 day moving average is $42.07 and its 200-day moving average is $40.59. Bank of America Co. has a 12-month low of $29.32 and a 12-month high of $47.05. 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 firm has a market cap of $357.13 billion, a P/E ratio of 16.93, a price-to-earnings-growth ratio of 1.57 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business 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%. Bank of America’s revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 EPS. Sell-side analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The company 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 dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

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.