ASB Consultores LLC Has $815,000 Stock Position in Bank of America Co. (NYSE:BAC)

ASB Consultores LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 5.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,532 shares of the financial services provider’s stock after purchasing an additional 1,008 shares during the period. ASB Consultores LLC’s holdings in Bank of America were worth $815,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. McAdam LLC lifted its position in Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after buying an additional 238 shares in the last quarter. Integrity Financial Corp WA boosted its position in Bank of America by 1.6% during the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after purchasing an additional 240 shares during the last quarter. BTC Capital Management Inc. grew its stake in Bank of America by 1.2% in the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 248 shares in the last quarter. Central Bank & Trust Co. grew its stake in Bank of America by 15.1% in the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 248 shares in the last quarter. Finally, SNS Financial Group LLC raised its stake in shares of Bank of America by 3.3% during the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 248 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of several analyst reports. BMO Capital Markets raised their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Evercore ISI boosted their price objective on shares of 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 reaffirmed an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Oppenheimer lifted their price target on Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $42.69.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now directly owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. This trade represents a 0.00 % 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 sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,067,817 shares of company stock valued at $4,548,518,070 over the last quarter. 0.29% of the stock is owned by company insiders.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $41.33 on Tuesday. Bank of America Co. has a 12-month low of $27.34 and a 12-month high of $44.44. The company’s 50 day moving average price is $40.56 and its two-hundred day moving average price is $39.89. The firm has a market cap of $317.12 billion, a PE ratio of 15.03, a PEG ratio of 1.42 and a beta of 1.32. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) 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 the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.90 earnings per share. Equities research analysts predict that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared 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 2.52%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.

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.