Rakuten Securities Inc. Purchases 560 Shares of Bank of America Co. (NYSE:BAC)

Rakuten Securities Inc. grew its position in Bank of America Co. (NYSE:BAC) by 13.7% during the third quarter, HoldingsChannel reports. The firm owned 4,651 shares of the financial services provider’s stock after buying an additional 560 shares during the quarter. Rakuten Securities Inc.’s holdings in Bank of America were worth $185,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Fairway Wealth LLC bought a new position in Bank of America during the second quarter worth $27,000. Delos Wealth Advisors LLC increased its position in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares during the period. POM Investment Strategies LLC increased its position in Bank of America by 839.0% during 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 during the period. Kennebec Savings Bank bought a new position in Bank of America during the third quarter worth $29,000. Finally, Bbjs Financial Advisors LLC bought a new position in Bank of America during the second quarter worth $30,000. Institutional investors own 70.71% of the company’s stock.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the sale, the insider now directly owns 928,460,939 shares of the company’s stock, valued at approximately $36,813,476,231.35. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the sale, the insider now directly owns 928,460,939 shares of the company’s stock, valued at approximately $36,813,476,231.35. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $3,661,600.00. Following the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,067,817 shares of company stock valued at $4,548,518,070 in the last ninety days. 0.29% of the stock is owned by insiders.

Bank of America Stock Performance

Shares of BAC stock opened at $46.10 on Tuesday. 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 stock has a market cap of $353.72 billion, a PE ratio of 16.76, a price-to-earnings-growth ratio of 1.53 and a beta of 1.32. The stock has a 50-day moving average of $41.00 and a 200-day moving average of $40.13. Bank of America Co. has a one year low of $27.42 and a one year high of $46.52.

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, beating analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s revenue was up .4% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 EPS. As a group, sell-side analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

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

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.26%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. BMO Capital Markets boosted their target price on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price target for the company from $46.00 to $54.00 in a report on Friday. 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. Finally, Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $43.69.

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.