Bank of America Co. (NYSE:BAC) Shares Bought by Infrastructure Capital Advisors LLC

Infrastructure Capital Advisors LLC raised its stake in Bank of America Co. (NYSE:BAC) by 23.6% during the third quarter, Holdings Channel reports. The firm owned 48,762 shares of the financial services provider’s stock after purchasing an additional 9,299 shares during the period. Infrastructure Capital Advisors LLC’s holdings in Bank of America were worth $1,935,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in BAC. Quent Capital LLC lifted its holdings in shares of Bank of America by 3.6% during the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock valued at $1,129,000 after acquiring an additional 1,037 shares in the last quarter. Cetera Advisors LLC lifted its holdings in shares of Bank of America by 239.1% during the 1st quarter. Cetera Advisors LLC now owns 562,242 shares of the financial services provider’s stock valued at $21,320,000 after acquiring an additional 396,437 shares in the last quarter. Soltis Investment Advisors LLC lifted its holdings in shares of Bank of America by 2.7% during the 1st quarter. Soltis Investment Advisors LLC now owns 16,731 shares of the financial services provider’s stock valued at $634,000 after acquiring an additional 439 shares in the last quarter. Clear Rock Advisors LLC lifted its holdings in shares of Bank of America by 1.8% during the 1st quarter. Clear Rock Advisors LLC now owns 81,998 shares of the financial services provider’s stock valued at $3,109,000 after acquiring an additional 1,425 shares in the last quarter. Finally, American Trust lifted its holdings in shares of Bank of America by 38.5% during the 1st quarter. American Trust now owns 10,059 shares of the financial services provider’s stock valued at $381,000 after acquiring an additional 2,798 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of several recent research reports. Evercore ISI lifted their target price on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Barclays boosted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Morgan Stanley boosted their price objective on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Wells Fargo & Company boosted their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $44.26.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’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 value of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders sold 70,007,916 shares of company stock worth $2,829,836,123. Insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $47.77 on Friday. Bank of America Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.98. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market cap of $366.53 billion, a PE ratio of 17.37, a P/E/G ratio of 1.62 and a beta of 1.32. The firm has a 50-day simple moving average of $42.87 and a 200 day simple moving average of $40.92.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the prior year, the firm earned $0.90 EPS. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. On average, sell-side analysts anticipate 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 $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 37.82%.

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.