Means Investment CO. Inc. Has $5.71 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Means Investment CO. Inc. raised its holdings in Bank of America Co. (NYSE:BAC) by 0.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 143,969 shares of the financial services provider’s stock after acquiring an additional 405 shares during the quarter. Means Investment CO. Inc.’s holdings in Bank of America were worth $5,713,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of BAC. Delos Wealth Advisors LLC grew its position in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after buying an additional 547 shares during the last quarter. Fairway Wealth LLC acquired a new position in shares of Bank of America in the second quarter worth approximately $27,000. POM Investment Strategies LLC boosted 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 acquiring an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC acquired a new stake in Bank of America during the 2nd quarter valued at approximately $30,000. Finally, Northwest Investment Counselors LLC bought a new position in Bank of America during the 1st quarter worth approximately $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $42.41, for a total value of $269,261,980.61. Following the transaction, the insider now directly owns 992,612,058 shares of the company’s stock, valued at approximately $42,096,677,379.78. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $42.41, for a total value of $269,261,980.61. Following the transaction, the insider now owns 992,612,058 shares in the company, valued at approximately $42,096,677,379.78. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’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 completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $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 a total of 144,633,120 shares of company stock valued at $5,862,871,640 in the last ninety days. 0.29% of the stock is currently owned by insiders.

Bank of America Stock Performance

NYSE BAC opened at $42.32 on Friday. The company has a fifty day moving average price of $39.89 and a 200-day moving average price of $39.43. The firm has a market cap of $330.96 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.39 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter last year, the business posted $0.90 EPS. The company’s revenue for the quarter was up .4% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America declared that its board has authorized a stock repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.46%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday. Keefe, Bruyette & Woods increased their price target on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday. Barclays boosted their price objective on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday. Morgan Stanley raised 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. Finally, Cfra reiterated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Bank of America Company 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.