Baxter Bros Inc. Boosts Holdings in Bank of America Corporation $BAC

Baxter Bros Inc. boosted its position in Bank of America Corporation (NYSE:BAC) by 0.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,376 shares of the financial services provider’s stock after buying an additional 369 shares during the period. Baxter Bros Inc.’s holdings in Bank of America were worth $1,911,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Deutsche Bank AG boosted its position in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares in the last quarter. Unisphere Establishment boosted its position in shares of Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after purchasing an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Bank of America during the 2nd quarter worth $164,623,000. Maverick Capital Ltd. purchased a new stake in shares of Bank of America during the 1st quarter worth $152,098,000. Finally, AMF Tjanstepension AB boosted its position in shares of Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after purchasing an additional 3,438,876 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BAC has been the topic of several research analyst reports. Seaport Global Securities boosted their target price on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday. Wolfe Research boosted their target price on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday. Weiss Ratings reissued a “buy (b-)” rating on shares of Bank of America in a research note on Wednesday. Citigroup increased their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, September 19th. Finally, Royal Bank Of Canada increased their price objective on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, October 1st. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $54.11.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $49.82 on Thursday. The firm has a market cap of $369.01 billion, a price-to-earnings ratio of 14.57, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The company’s 50-day moving average is $49.50 and its two-hundred day moving average is $45.42. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $52.88.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.83 EPS. Research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a $0.28 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s payout ratio is currently 32.75%.

Bank of America declared that its Board of Directors has authorized a stock buyback program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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.