Rogco LP Lowers Position in Bank of America Co. (NYSE:BAC)

Rogco LP reduced its stake in Bank of America Co. (NYSE:BAC) by 3.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 19,622 shares of the financial services provider’s stock after selling 781 shares during the period. Rogco LP’s holdings in Bank of America were worth $779,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of BAC. Global Assets Advisory LLC purchased a new position in shares of Bank of America during the first quarter worth $1,682,000. Atlas Capital Advisors LLC grew its position in Bank of America by 39.5% in the 1st quarter. Atlas Capital Advisors LLC now owns 4,239 shares of the financial services provider’s stock valued at $161,000 after acquiring an additional 1,200 shares in the last quarter. Brookstone Capital Management increased its stake in Bank of America by 9.1% during the first quarter. Brookstone Capital Management now owns 175,876 shares of the financial services provider’s stock worth $6,669,000 after purchasing an additional 14,627 shares during the period. Wealthcare Advisory Partners LLC lifted its position in shares of Bank of America by 16.8% during the first quarter. Wealthcare Advisory Partners LLC now owns 63,812 shares of the financial services provider’s stock worth $2,420,000 after purchasing an additional 9,191 shares in the last quarter. Finally, Thrive Wealth Management LLC grew its holdings in shares of Bank of America by 10.1% in the first quarter. Thrive Wealth Management LLC now owns 11,315 shares of the financial services provider’s stock valued at $429,000 after purchasing an additional 1,036 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on BAC. Oppenheimer raised their price target on shares of Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods boosted their target price on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Tuesday, September 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. Finally, Morgan Stanley lifted their price target on shares of 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 analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Bank of America Price Performance

BAC traded down $0.33 on Thursday, hitting $42.01. 10,145,638 shares of the company were exchanged, compared to its average volume of 38,604,445. The firm has a market capitalization of $328.53 billion, a P/E ratio of 14.63, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. 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 business’s fifty day moving average is $40.11 and its 200 day moving average is $39.53. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44.

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 analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the previous year, the business earned $0.90 earnings per share. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed 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. 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 2.48%. Bank of America’s payout ratio is 35.99%.

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

Insider Buying and Selling at Bank of America

In other 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 completion of the transaction, the insider now directly 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Bernard A. Mensah sold 92,000 shares of the business’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 value of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, 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 position. The disclosure for this sale can be found here. In the last three months, insiders sold 132,863,500 shares of company stock worth $5,363,830,468. 0.29% of the stock is owned by corporate insiders.

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.