Pointe Capital Management LLC Acquires 643 Shares of Bank of America Co. (NYSE:BAC)

Pointe Capital Management LLC lifted its holdings in Bank of America Co. (NYSE:BAC) by 3.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 17,224 shares of the financial services provider’s stock after buying an additional 643 shares during the period. Pointe Capital Management LLC’s holdings in Bank of America were worth $683,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in BAC. Delos Wealth Advisors LLC lifted its stake 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 worth $26,000 after purchasing an additional 547 shares during the period. Fairway Wealth LLC bought a new stake in Bank of America during the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC raised its stake in Bank of America by 839.0% during the 2nd 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 during the period. Bbjs Financial Advisors LLC bought a new stake in Bank of America during the 2nd quarter worth approximately $30,000. Finally, Clearstead Trust LLC raised its stake in Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 834 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 1.8 %

NYSE BAC traded down $0.76 on Friday, hitting $41.89. 27,466,909 shares of the stock were exchanged, compared to its average volume of 38,639,859. 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 stock has a fifty day moving average price of $40.24 and a two-hundred day moving average price of $39.59. The firm has a market capitalization of $325.05 billion, a P/E ratio of 15.23, a P/E/G ratio of 1.43 and a beta of 1.33. Bank of America Co. has a 52-week low of $24.96 and a 52-week 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, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 earnings per share. Research analysts forecast that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company 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 dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.48%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Bank of America announced that its board has authorized a stock repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on BAC shares. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Morgan Stanley raised their target price 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. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Oppenheimer lifted their price objective 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. Finally, Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade 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 can be accessed through this link. In related news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated 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 sale, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 125,336,839 shares of company stock worth $5,049,968,704. 0.29% of the stock is currently owned by insiders.

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.