Infrastructure Capital Advisors LLC Raises Holdings in Bank of America Co. (NYSE:BAC)

Infrastructure Capital Advisors LLC lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 23.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 48,762 shares of the financial services provider’s stock after buying an additional 9,299 shares during the period. Infrastructure Capital Advisors LLC’s holdings in Bank of America were worth $1,935,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in BAC. AMF Tjanstepension AB boosted its stake in shares of Bank of America by 959.6% during the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after buying an additional 8,447,091 shares during the period. 1832 Asset Management L.P. boosted its stake in shares of Bank of America by 1,432.1% during the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after buying an additional 5,749,567 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Bank of America by 3,550.7% during the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after buying an additional 4,423,215 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Bank of America in the second quarter valued at about $127,252,000. Finally, Clearbridge Investments LLC lifted its position in Bank of America by 23.6% in the second quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock valued at $646,693,000 after purchasing an additional 3,109,197 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company raised their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Barclays raised their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. Finally, Morgan Stanley raised their price objective on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $44.26.

Insiders Place Their Bets

In other Bank of America news, 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 sale, the insider now directly 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders sold 70,007,916 shares of company stock valued at $2,829,836,123. Company insiders own 0.29% of the company’s stock.

Bank of America Trading Up 0.0 %

Shares of BAC opened at $47.77 on Friday. 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 firm has a 50 day simple moving average of $42.87 and a 200-day simple moving average of $40.92. Bank of America Co. has a 1-year low of $29.32 and a 1-year high of $47.98. The stock has a market cap of $366.53 billion, a price-to-earnings ratio of 17.37, a price-to-earnings-growth ratio of 1.62 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its earnings results 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 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%. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the company earned $0.90 EPS. Equities analysts forecast that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.18%. Bank of America’s payout ratio is currently 37.82%.

About Bank of America

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.