JB Capital LLC Grows Stock Position in Bank of America Co. (NYSE:BAC)

JB Capital LLC grew its position in Bank of America Co. (NYSE:BAC) by 8.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,990 shares of the financial services provider’s stock after purchasing an additional 960 shares during the period. JB Capital LLC’s holdings in Bank of America were worth $515,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Delos Wealth Advisors LLC grew its holdings in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares during the period. Fairway Wealth LLC acquired a new stake in Bank of America in the second quarter valued at approximately $27,000. POM Investment Strategies LLC grew its holdings in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the period. Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the second quarter valued at approximately $30,000. Finally, Clearstead Trust LLC grew its holdings in Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 834 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,067,817 shares of company stock worth $4,548,518,070. Corporate insiders own 0.29% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $44.77 on Friday. Bank of America Co. has a 1 year low of $27.34 and a 1 year high of $45.55. 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’s 50 day moving average price is $40.72 and its 200 day moving average price is $39.96. The firm has a market cap of $343.51 billion, a P/E ratio of 16.28, a PEG ratio of 1.40 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same period last year, the company posted $0.90 EPS. On average, sell-side analysts expect that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America declared that its board has initiated a stock repurchase program 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 reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. Bank of America’s dividend payout ratio is presently 37.82%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BAC. Cfra restated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. BMO Capital Markets raised their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Evercore ISI lifted their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Morgan Stanley boosted their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.97.

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.