OLD National Bancorp IN Buys 4,821 Shares of Bank of America Co. (NYSE:BAC)

OLD National Bancorp IN raised its stake in Bank of America Co. (NYSE:BAC) by 7.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 66,416 shares of the financial services provider’s stock after purchasing an additional 4,821 shares during the period. OLD National Bancorp IN’s holdings in Bank of America were worth $2,635,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. McAdam LLC grew its position in shares of Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 238 shares during the last quarter. BTC Capital Management Inc. boosted its stake in Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 248 shares during the period. Central Bank & Trust Co. grew its holdings in Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after buying an additional 248 shares in the last quarter. SNS Financial Group LLC increased its position in Bank of America by 3.3% during the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after buying an additional 248 shares during the period. Finally, Chicago Capital LLC boosted its position in shares of Bank of America by 1.8% in the third quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock valued at $552,000 after acquiring an additional 250 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $42.39, for a total transaction of $229,779,191.61. Following the sale, the insider now directly owns 980,061,561 shares of the company’s stock, valued at $41,544,809,570.79. This 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 is available through this link. In related news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $42.39, for a total transaction of $229,779,191.61. Following the completion of the transaction, the insider now directly owns 980,061,561 shares of the company’s stock, valued at approximately $41,544,809,570.79. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 138,284,099 shares of company stock worth $5,593,609,660 over the last ninety days. 0.29% of the stock is currently owned by company insiders.

Bank of America Trading Down 0.7 %

Shares of BAC stock opened at $42.32 on Monday. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The company has a 50-day simple moving average of $39.89 and a two-hundred day simple moving average of $39.44. 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 company has a market capitalization of $330.96 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the previous year, the firm earned $0.90 EPS. The firm’s quarterly revenue was up .4% on a year-over-year basis. Research analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has approved a stock buyback 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 reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued 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 2.46%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on BAC shares. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. BMO Capital Markets boosted their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Jefferies Financial Group boosted their target price on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

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.