Bank of America Co. (NYSE:BAC) Shares Bought by FUKOKU MUTUAL LIFE INSURANCE Co

FUKOKU MUTUAL LIFE INSURANCE Co boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 15.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 43,951 shares of the financial services provider’s stock after acquiring an additional 5,817 shares during the period. FUKOKU MUTUAL LIFE INSURANCE Co’s holdings in Bank of America were worth $1,744,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Fairway Wealth LLC acquired a new position in shares of Bank of America in the second quarter valued at approximately $27,000. POM Investment Strategies LLC lifted its stake in shares of 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 worth $29,000 after acquiring an additional 646 shares in the last quarter. Kennebec Savings Bank acquired a new position in Bank of America in the third quarter worth $29,000. Bbjs Financial Advisors LLC bought a new position in Bank of America in the 2nd quarter worth about $30,000. Finally, Clearstead Trust LLC grew its position in Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after buying an additional 834 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. This represents a 48.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America 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 transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,883,988 shares of company stock worth $4,344,741,752 in the last quarter. 0.29% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Tuesday, September 3rd. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Wells Fargo & Company increased their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday. Barclays raised their target price on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. One 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 given a strong buy rating to the stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $44.26.

Bank of America Stock Up 0.1 %

Shares of BAC opened at $45.91 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 52 week low of $29.20 and a 52 week high of $46.52. The stock’s 50-day moving average price is $41.22 and its 200-day moving average price is $40.22. The company has a market capitalization of $352.26 billion, a price-to-earnings ratio of 16.69, a PEG ratio of 1.55 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter last year, the firm earned $0.90 EPS. The business’s revenue was up .4% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America announced that its board has initiated a stock repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.27%. Bank of America’s dividend payout ratio is currently 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.