Stockman Wealth Management Inc. Purchases 8,104 Shares of Bank of America Co. (NYSE:BAC)

Stockman Wealth Management Inc. lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 3.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 244,219 shares of the financial services provider’s stock after buying an additional 8,104 shares during the period. Bank of America comprises about 1.5% of Stockman Wealth Management Inc.’s holdings, making the stock its 24th largest position. Stockman Wealth Management Inc.’s holdings in Bank of America were worth $9,691,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of BAC. Quent Capital LLC boosted its position in shares of Bank of America by 3.6% during the first quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock valued at $1,129,000 after buying an additional 1,037 shares during the last quarter. WealthPLAN Partners LLC boosted its position in Bank of America by 161.7% in the first quarter. WealthPLAN Partners LLC now owns 28,109 shares of the financial services provider’s stock worth $1,066,000 after purchasing an additional 17,370 shares during the last quarter. NorthRock Partners LLC boosted its position in Bank of America by 26.2% in the first quarter. NorthRock Partners LLC now owns 72,155 shares of the financial services provider’s stock worth $2,736,000 after purchasing an additional 14,981 shares during the last quarter. Meeder Asset Management Inc. boosted its position in Bank of America by 10.9% in the first quarter. Meeder Asset Management Inc. now owns 20,947 shares of the financial services provider’s stock worth $794,000 after purchasing an additional 2,066 shares during the last quarter. Finally, Meeder Advisory Services Inc. boosted its position in Bank of America by 7.9% in the first quarter. Meeder Advisory Services Inc. now owns 81,142 shares of the financial services provider’s stock worth $3,077,000 after purchasing an additional 5,913 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity

In other news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction dated 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 completion of the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $39.65, for a total value of $199,638,463.70. Following the sale, the insider now directly owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. This trade 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. Also, insider Bernard A. Mensah sold 92,000 shares of the company’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 value of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,067,817 shares of company stock valued at $4,548,518,070. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BAC. BMO Capital Markets boosted their price objective on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a research report on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Finally, Evercore ISI upped their price target 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. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $43.69.

Bank of America Price Performance

NYSE BAC traded up $0.36 during trading on Friday, reaching $45.13. The company’s stock had a trading volume of 38,331,814 shares, compared to its average volume of 36,782,108. The stock has a market capitalization of $346.28 billion, a PE ratio of 16.41, a P/E/G ratio of 1.54 and a beta of 1.32. 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 fifty day moving average of $40.90 and a 200 day moving average of $40.06. Bank of America Co. has a one year low of $27.34 and a one year high of $45.55.

Bank of America (NYSE:BAC) last announced its 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. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.90 EPS. Analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has approved a share repurchase plan 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 stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders 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 2.30%. Bank of America’s payout ratio is 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.