Bank of America Co. (NYSE:BAC) Shares Bought by Check Capital Management Inc. CA

Check Capital Management Inc. CA boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 30.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 153,457 shares of the financial services provider’s stock after buying an additional 35,796 shares during the period. Bank of America accounts for 0.2% of Check Capital Management Inc. CA’s investment portfolio, making the stock its 16th largest position. Check Capital Management Inc. CA’s holdings in Bank of America were worth $4,389,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Tanglewood Legacy Advisors LLC purchased a new stake in Bank of America in the fourth quarter valued at $26,000. Castleview Partners LLC purchased a new stake in Bank of America in the first quarter valued at $28,000. Ahrens Investment Partners LLC purchased a new stake in Bank of America in the first quarter valued at $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in Bank of America in the first quarter valued at $34,000. Finally, Grey Fox Wealth Advisors LLC purchased a new stake in Bank of America in the fourth quarter valued at $35,000. Institutional investors and hedge funds own 68.06% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on BAC. Morgan Stanley lifted their target price on Bank of America from $32.00 to $33.00 in a research report on Friday, July 7th. Oppenheimer cut their price objective on Bank of America from $52.00 to $49.00 and set an “outperform” rating on the stock in a report on Friday, August 18th. BMO Capital Markets cut their price objective on Bank of America from $41.00 to $40.00 in a report on Wednesday, July 19th. Wells Fargo & Company cut their price objective on Bank of America from $43.00 to $40.00 and set an “overweight” rating on the stock in a report on Wednesday, August 23rd. Finally, StockNews.com assumed coverage on Bank of America in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Hold” and an average target price of $36.31.

Bank of America Price Performance

Shares of NYSE BAC opened at $28.97 on Wednesday. The stock’s 50-day moving average is $29.96 and its two-hundred day moving average is $29.33. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.83. Bank of America Co. has a 1-year low of $26.32 and a 1-year high of $38.60. The company has a market cap of $230.21 billion, a price-to-earnings ratio of 8.32, a price-to-earnings-growth ratio of 1.18 and a beta of 1.37.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.04. The business had revenue of $25.20 billion during the quarter, compared to analysts’ expectations of $24.98 billion. Bank of America had a return on equity of 12.01% and a net margin of 19.97%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.73 EPS. Analysts forecast that Bank of America Co. will post 3.41 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a dividend of $0.24 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Thursday, August 31st. Bank of America’s dividend payout ratio is currently 27.59%.

Insider Transactions at Bank of America

In other news, insider James P. Demare sold 75,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the completion of the transaction, the insider now directly owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider James P. Demare sold 75,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $31.53, for a total transaction of $2,364,750.00. Following the completion of the transaction, the insider now directly owns 185,108 shares of the company’s stock, valued at approximately $5,836,455.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Dean C. Athanasia sold 77,806 shares of the company’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $31.48, for a total value of $2,449,332.88. Following the transaction, the insider now directly owns 353,971 shares of the company’s stock, valued at $11,143,007.08. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.