Lockerman Financial Group Inc. Acquires Shares of 7,590 Bank of America Co. (NYSE:BAC)

Lockerman Financial Group Inc. bought a new position in shares of Bank of America Co. (NYSE:BAC) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 7,590 shares of the financial services provider’s stock, valued at approximately $301,000.

Other hedge funds have also modified their holdings of the company. Scarborough Advisors LLC purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $65,000. Richardson Financial Services Inc. purchased a new stake in Bank of America in the 4th quarter valued at $47,000. Leo Wealth LLC acquired a new stake in shares of Bank of America in the 4th quarter worth $373,000. Confluence Investment Management LLC purchased a new position in shares of Bank of America during the 1st quarter worth $409,000. Finally, Cullen Investment Group LTD. boosted its position in shares of Bank of America by 3.2% during the 1st quarter. Cullen Investment Group LTD. now owns 39,249 shares of the financial services provider’s stock valued at $1,464,000 after acquiring an additional 1,211 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 0.5 %

Shares of BAC stock traded up $0.23 on Tuesday, reaching $42.14. 61,474,656 shares of the stock were exchanged, compared to its average volume of 38,924,324. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. 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 company has a market capitalization of $329.55 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.39 and a beta of 1.33. The business’s 50 day moving average price is $39.51 and its 200 day moving average price is $39.30.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, hitting the consensus estimate of $0.81. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the business earned $0.90 EPS. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were paid a $0.26 dividend. The ex-dividend date was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.47%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is currently 35.99%.

Insider Transactions at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction 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 completion of the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction 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 transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents 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 have sold 160,921,082 shares of company stock worth $6,582,343,525. Insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on BAC. Evercore ISI raised their price objective on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. BMO Capital Markets lifted their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Oppenheimer raised their target price on Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.27.

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.