True North Advisors LLC increased its position in Bank of America Co. (NYSE:BAC)

True North Advisors LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 68.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,132 shares of the financial services provider’s stock after acquiring an additional 8,168 shares during the period. True North Advisors LLC’s holdings in Bank of America were worth $799,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after buying an additional 36,124,363 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after purchasing an additional 9,879,524 shares during the period. Legal & General Group Plc raised its stake in Bank of America by 1.6% in the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after purchasing an additional 895,884 shares during the last quarter. Capital World Investors raised its stake in Bank of America by 0.4% in the first quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after buying an additional 165,070 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in Bank of America by 17.1% during the 4th quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock worth 1,267 shares. $820,000 after buying an additional 5,488,790 shares during the period. 70.71% of shares are currently owned by institutional investors.

Insider buying and selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The trade was a 0.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC’s website. In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. This trade represents a decrease of 0.00 % in the stock holding. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The transaction represented a decrease of 0.00 % in the stock holding. The disclosure for this sale can be found here. In the last quarter, insiders sold 156,918,857 shares of company stock worth $6,421,694,213. 0.29% of shares are owned by company insiders.

The Wall Street analyst weighs in

A number of equities analysts recently issued reports on the company. Evercore ISI upped their target price on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Royal Bank of Canada boosted their target price on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $48.00 price objective (up from $46.00) on shares of Bank of America in a research note on Wednesday, 17 July. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, September 3rd. Finally, StockNews.com lowered Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.27, according to MarketBeat.com.

Get the latest research report on BAC

Bank of America trades down 0.0%

NYSE BAC opened at $39.92 on Wednesday. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The company has a fifty day simple moving average of $39.31 and a two hundred day simple moving average of $39.20. The company has a current ratio of 0.80, a quick ratio of 0.80, and a debt-to-equity ratio of 1.09. The stock has a market cap of $312.19 billion, a P/E ratio of 13.82, a P/E/G ratio of 1.37 and a beta of 1.33.

Bank of America (NYSE:BAC – Get Free Report ) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s quarterly revenue was up 0.7% year over year. In the same quarter last year, the business posted EPS of $0.88. On average, analysts estimate that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its shares through open market purchases. Stock buyback plans are usually an indication that the company’s 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. Investors of record on Friday, September 6th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a dividend of $1.04 on an annualized basis and a yield of 2.61%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is currently 35.99%.

Bank of America Company Profile

(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.

Recommended articles

Want to see what other hedge funds own BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Bank of America Co. (NYSE:BAC – Free Report).

Get news and ratings for Bank of America Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Bank of America and related companies with MarketBeat.com’s FREE daily email newsletter.