Longfellow Investment Management Co. LLC Has $1.48 Million Position in Bank of America Co. (NYSE:BAC)

Longfellow Investment Management Co. LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 0.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 37,393 shares of the financial services provider’s stock after buying an additional 227 shares during the quarter. Longfellow Investment Management Co. LLC’s holdings in Bank of America were worth $1,484,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Accent Capital Management LLC raised its holdings in Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the last quarter. Summit Global Investments boosted its stake in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after acquiring an additional 36,089 shares during the last quarter. Baker Avenue Asset Management LP grew its holdings in Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after acquiring an additional 33,983 shares during the period. Banco Santander S.A. boosted its holdings in Bank of America by 173.7% during the third quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock worth $23,150,000 after buying an additional 370,275 shares during the last quarter. Finally, Citizens Financial Group Inc. RI raised its position in shares of Bank of America by 27.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after acquiring an additional 20,916 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Shares of BAC stock opened at $47.54 on Monday. The business’s 50-day moving average price is $42.24 and its 200-day moving average price is $40.69. Bank of America Co. has a 12 month low of $29.32 and a 12 month high of $47.54. 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 firm has a market capitalization of $364.77 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 1.59 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 firm 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%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 EPS. Equities research analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 7,938,699 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $40.61, for a total transaction of $322,390,566.39. Following the transaction, the insider now owns 882,723,903 shares of the company’s stock, valued at $35,847,417,700.83. This represents a 0.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, 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 90 days, insiders have sold 85,119,690 shares of company stock worth $3,438,777,236. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BAC. Evercore ISI raised their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a report on Friday, October 18th. Finally, Oppenheimer raised their target price on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. One investment 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. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $44.26.

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.