Bank of America Co. (NYSE:BAC) Position Boosted by Silver Oak Securities Incorporated

Silver Oak Securities Incorporated boosted its holdings in Bank of America Co. (NYSE:BAC) by 40.7% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,945 shares of the financial services provider’s stock after acquiring an additional 3,164 shares during the period. Silver Oak Securities Incorporated’s holdings in Bank of America were worth $431,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of BAC. Vanguard Group Inc. lifted its holdings in Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after acquiring an additional 36,124,363 shares during the last quarter. AMF Tjanstepension AB raised its holdings 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 valued at $370,948,000 after buying an additional 8,447,091 shares during the last quarter. Swedbank AB bought a new stake in shares of Bank of America during the first quarter valued at approximately $261,923,000. 1832 Asset Management L.P. raised its holdings 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 valued at $244,627,000 after buying an additional 5,749,567 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Bank of America by 290.7% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock valued at $269,763,000 after buying an additional 5,293,000 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on BAC shares. BMO Capital Markets lifted their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Cfra reiterated a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. Evercore ISI raised their price objective on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Oppenheimer raised their price objective on shares of Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, 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 note on Wednesday, October 16th. One equities 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 stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction 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 in the company, valued at approximately $32,606,297,408.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm’s 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 owns 96,082 shares of the company’s stock, 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 through this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 125,336,839 shares of company stock worth $5,049,968,704. 0.29% of the stock is currently owned by insiders.

Bank of America Price Performance

Shares of NYSE:BAC opened at $41.89 on Friday. The company’s fifty day moving average is $40.24 and its two-hundred day moving average is $39.59. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The company has a market cap of $325.05 billion, a P/E ratio of 15.23, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the company posted $0.90 earnings per share. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. Equities analysts expect that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

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

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.