Radnor Capital Management LLC Buys 5,150 Shares of Bank of America Co. (NYSE:BAC)

Radnor Capital Management LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 75.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,005 shares of the financial services provider’s stock after acquiring an additional 5,150 shares during the period. Radnor Capital Management LLC’s holdings in Bank of America were worth $476,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in BAC. Citizens Financial Group Inc. RI lifted its holdings in shares of Bank of America by 27.1% in the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after purchasing an additional 20,916 shares in the last quarter. Councilmark Asset Management LLC acquired a new stake in Bank of America in the 1st quarter valued at approximately $771,000. SteelPeak Wealth LLC lifted its stake in Bank of America by 37.7% in the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after acquiring an additional 14,901 shares in the last quarter. Brookstone Capital Management boosted its position in Bank of America by 11.5% during the 2nd quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider’s stock worth $8,628,000 after acquiring an additional 20,309 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Bank of America by 39.7% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 9,941,700 shares of the financial services provider’s stock worth $395,381,000 after acquiring an additional 2,827,700 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 1.4 %

BAC stock opened at $44.77 on Friday. Bank of America Co. has a fifty-two week low of $27.34 and a fifty-two week high of $45.55. 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 capitalization of $343.51 billion, a price-to-earnings ratio of 16.31, a PEG ratio of 1.40 and a beta of 1.32. The business’s fifty day moving average price is $40.72 and its two-hundred day moving average price is $39.96.

Bank of America (NYSE:BAC) last released its quarterly earnings results 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. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the firm earned $0.90 earnings per share. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America declared that its board has approved a share repurchase 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 buy up to 7.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.32%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insider Buying and Selling at Bank of America

In other news, insider Bernard A. Mensah sold 92,000 shares of the 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 sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated 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 sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the transaction, the insider now owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,067,817 shares of company stock valued at $4,548,518,070 in the last three months. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on BAC. Keefe, Bruyette & Woods boosted their price objective 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. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. BMO Capital Markets upped their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Barclays raised their price target 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. Finally, 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. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $42.97.

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.