8,522 shares in Bank of America Co. (NYSE:BAC) bought by Ariadne Wealth Management LP

Ariadne Wealth Management LP bought a new stake in Bank of America Co. (NYSE:BAC) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,522 shares of the financial services provider’s stock, valued at approximately $339,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Gilbert & Cook Inc. boosted its holdings in shares of Bank of America by 4.0% in the fourth quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock valued at $585,000 after buying an additional 662 shares in the last quarter. Rollins Financial boosted its holdings in shares of Bank of America by 12.5% ​​in the fourth quarter. Rollins Financial now owns 441,919 shares of the financial services provider’s stock valued at $14,879,000 after purchasing an additional 48,998 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in shares of Bank of America in the fourth quarter valued at approximately $1,090,000. CWA Asset Management Group LLC boosted its holdings in shares of Bank of America by 25.6% in the fourth quarter. CWA Asset Management Group LLC now owns 47,246 shares of the financial services provider’s stock valued at $1,591,000 after purchasing an additional 9,626 shares in the last quarter. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Bank of America by 2.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 406,033 shares of the financial services provider’s stock valued at $13,671,000 after purchasing an additional 8,158 shares in the last quarter. 70.71% of shares are owned by institutional investors and hedge funds.

Insider transactions at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The disclosure for this sale can be found here. Insiders have sold 140,942,405 shares of company stock worth $5,785,202,516 in the last ninety days. 0.29% of shares are owned by company insiders.

The Wall Street analyst weighs in

Several analysts have recently issued reports on BAC shares. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Royal Bank of Canada boosted their price target on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Barclays upped their target price on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 target price (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th . Finally, BMO Capital Markets raised their price objective on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday , July 18. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Moderate Buy” and a consensus price target of $42.12, according to MarketBeat.com.

Check out our latest research report on BAC

Bank of America Price Performance

Shares of Bank of America stock opened at $39.68 on Tuesday. The stock’s 50-day moving average is $39.56 and its 200-day moving average is $39.07. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80, and a quick ratio of 0.80. The firm has a market cap of $310.31 billion, a P/E ratio of 13.73, a P/E/G ratio of 1.37 and a beta of 1.33. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44.

Bank of America (NYSE:BAC – Get Free Report ) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. In the same period last year, the firm earned $0.88 per share. The company’s revenue was up .7% compared to the same quarter last year. As a group, research analysts expect Bank of America Co. to post 3.28 EPS for the current year.

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

Bank of America has increased its dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a dividend of $0.26 per share. This represents a dividend of $1.04 on an annualized basis and a dividend yield of 2.62%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6. Bank of America’s dividend payout ratio is currently 35.99%.

About Bank of America

(Free Report)

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services to individual consumers, small and medium-sized 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.

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