Bank of America Co. (NYSE:BAC) Shares Acquired by Hilltop Holdings Inc.

Hilltop Holdings Inc. boosted its stake in Bank of America Co. (NYSE:BAC) by 41.8% during the third quarter, Holdings Channel.com reports. The fund owned 49,813 shares of the financial services provider’s stock after purchasing an additional 14,674 shares during the quarter. Hilltop Holdings Inc.’s holdings in Bank of America were worth $1,977,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in BAC. Accent Capital Management LLC raised its holdings in Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after acquiring an additional 11,873 shares during the last quarter. Summit Global Investments increased its holdings in shares of 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 purchasing an additional 36,089 shares during the last quarter. Baker Avenue Asset Management LP lifted its position in Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after buying an additional 33,983 shares in the last quarter. Banco Santander S.A. boosted its stake 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, Westfield Capital Management Co. LP grew its holdings in Bank of America by 647.7% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,823,667 shares of the financial services provider’s stock valued at $72,363,000 after buying an additional 1,579,767 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of Bank of America stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $40.28, for a total value of $202,649,243.92. Following the transaction, the insider now owns 863,977,599 shares in the company, valued at approximately $34,801,017,687.72. This trade represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 61,976,277 shares of company stock worth $2,503,269,682. 0.29% of the stock is owned by insiders.

Bank of America Stock Performance

Shares of BAC stock opened at $46.79 on Wednesday. The stock has a fifty day moving average price of $43.31 and a 200 day moving average price of $41.12. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market cap of $359.01 billion, a PE ratio of 17.01, a P/E/G ratio of 1.59 and a beta of 1.33. Bank of America Co. has a 1 year low of $30.33 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the previous year, the company posted $0.90 EPS. The business’s revenue was up .4% on a year-over-year basis. Sell-side analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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 paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of analyst reports. Piper Sandler boosted their price objective on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Barclays raised their target price on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, 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. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $45.57.

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.