Algert Global LLC Purchases Shares of 15,266 Bank of America Co. (NYSE:BAC)

Algert Global LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the 3rd quarter, HoldingsChannel reports. The fund acquired 15,266 shares of the financial services provider’s stock, valued at approximately $606,000.

Several other hedge funds also recently modified their holdings of BAC. 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 increased its position 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 in the last quarter. Kennebec Savings Bank bought a new position in Bank of America in the third quarter worth approximately $29,000. Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the second quarter valued at approximately $30,000. Finally, Christopher J. Hasenberg Inc increased its holdings in shares of 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 valued at $40,000 after acquiring an additional 852 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $47.51 on Friday. The business’s 50 day simple moving average is $43.02 and its 200 day simple moving average is $41.00. Bank of America Co. has a 12 month low of $30.04 and a 12 month high of $48.08. The company has a market cap of $364.54 billion, a price-to-earnings ratio of 17.28, a PEG ratio of 1.62 and a beta of 1.32. The company has a current ratio of 0.80, a quick 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 EPS for the quarter, beating 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 firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the prior year, the firm earned $0.90 EPS. The business’s revenue for the quarter was up .4% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Evercore ISI increased their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Wells Fargo & Company raised their price target on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Barclays boosted their price objective on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $40.28, for a total transaction of $202,649,243.92. Following the sale, the insider now directly owns 863,977,599 shares in the company, valued at approximately $34,801,017,687.72. The trade was a 0.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders have sold 70,007,916 shares of company stock worth $2,829,836,123. 0.29% of the stock is owned by corporate insiders.

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.