Investors Research Corp Has $730,000 Stock Position in Bank of America Co. (NYSE:BAC)

Investors Research Corp boosted its position in shares of Bank of America Co. (NYSE:BAC) by 2.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,387 shares of the financial services provider’s stock after acquiring an additional 508 shares during the period. Investors Research Corp’s holdings in Bank of America were worth $730,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of BAC. Fairway Wealth LLC bought a new stake in Bank of America during the 2nd quarter valued at approximately $27,000. 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 stake in Bank of America in the 3rd quarter valued at $29,000. Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the 2nd quarter worth $30,000. Finally, Christopher J. Hasenberg Inc raised its position in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 10,975,008 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $39.87, for a total transaction of $437,573,568.96. Following the completion of the transaction, the insider now owns 910,731,659 shares of the company’s stock, valued at approximately $36,310,871,244.33. The trade was a 1.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction 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 transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 102,848,970 shares of company stock valued at $4,145,103,288 in the last three months. Corporate insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BAC. Wells Fargo & Company boosted their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Evercore ISI lifted their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Barclays lifted their target price on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods upped their price target on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have issued 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.26.

Bank of America Stock Up 1.4 %

Shares of Bank of America stock traded up $0.64 on Thursday, reaching $46.70. 8,018,966 shares of the company were exchanged, compared to its average volume of 38,444,801. The company has a market capitalization of $358.32 billion, a price-to-earnings ratio of 16.75, a PEG ratio of 1.57 and a beta of 1.32. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a one year low of $29.32 and a one year high of $47.02. The company has a 50-day moving average of $41.92 and a 200 day moving average of $40.55.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.90 earnings per share. On average, equities research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America declared that its board has approved a share buyback 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 shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued 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 dividend yield of 2.23%. Bank of America’s dividend payout ratio is presently 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.