Bank of America Co. (NYSE:BAC) Shares Bought by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. lifted its position in shares of Bank of America Co. (NYSE:BAC) by 1.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 115,900 shares of the financial services provider’s stock after buying an additional 1,180 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Bank of America were worth $4,599,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the second quarter worth $27,000. POM Investment Strategies LLC grew its holdings 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 valued at $29,000 after buying an additional 646 shares during the period. Kennebec Savings Bank purchased a new stake in Bank of America in the 3rd quarter valued at about $29,000. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the 2nd quarter valued at about $30,000. Finally, Christopher J. Hasenberg Inc boosted its position 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 worth $40,000 after acquiring an additional 852 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Morgan Stanley upped 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 report on Wednesday, October 16th. Evercore ISI lifted their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Barclays raised their target price 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. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America Price Performance

Shares of BAC stock opened at $47.00 on Friday. The firm has a fifty day moving average of $42.24 and a two-hundred day moving average of $40.67. The firm has a market cap of $360.63 billion, a P/E ratio of 17.09, a P/E/G ratio of 1.57 and a beta of 1.32. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.22. 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 posted its quarterly 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. 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 during the quarter, compared to the consensus estimate of $25.25 billion. During the same period last year, the firm earned $0.90 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was 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. This trade represents a 1.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the company’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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 96,094,698 shares of company stock worth $3,876,350,805 over the last ninety days. 0.29% of the stock is owned by insiders.

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.