Lake Street Advisors Group LLC cut its stake in shares of Bank of America Co. (NYSE:BAC – Free Report) by 1.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,753 shares of the financial services provider’s stock after selling 911 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Bank of America were worth $1,542,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. Berkshire Hathaway Inc lifted its holdings in shares of Bank of America by 2.3% in the first quarter. Berkshire Hathaway Inc now owns 1,032,852,006 shares of the financial services provider’s stock valued at $29,539,567,000 after purchasing an additional 22,751,400 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its holdings in shares of Bank of America by 108,111.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after purchasing an additional 192,989,515 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Bank of America by 1.5% in the first quarter. Geode Capital Management LLC now owns 125,467,577 shares of the financial services provider’s stock valued at $3,580,515,000 after purchasing an additional 1,830,802 shares in the last quarter. Norges Bank purchased a new stake in shares of Bank of America during the fourth quarter worth $3,436,543,000. Finally, Bank Julius Baer & Co. Ltd Zurich raised its holdings in shares of Bank of America by 69,466.5% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 97,976,121 shares of the financial services provider’s stock worth $2,810,935,000 after acquiring an additional 97,835,283 shares in the last quarter. 68.06% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on BAC. HSBC began coverage on Bank of America in a report on Thursday, September 7th. They set a “buy” rating and a $35.00 price objective for the company. Piper Sandler cut their price objective on Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a report on Friday, September 15th. Oppenheimer increased their price objective on Bank of America from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Thursday. Keefe, Bruyette & Woods raised shares of Bank of America from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $29.00 to $30.00 in a research report on Monday, November 6th. Finally, StockNews.com started coverage on shares of Bank of America in a research report on Thursday, October 5th. They set a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $35.54.
Bank of America Stock Performance
Shares of NYSE:BAC traded up $0.44 during midday trading on Friday, hitting $29.98. The company’s stock had a trading volume of 38,524,430 shares, compared to its average volume of 48,288,260. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $37.87. The stock has a market capitalization of $237.25 billion, a price-to-earnings ratio of 8.40, a PEG ratio of 1.22 and a beta of 1.38. The stock’s 50 day simple moving average is $27.42 and its 200 day simple moving average is $28.59. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.82 and a current ratio of 0.83.
Bank of America (NYSE:BAC – Get Free Report) last released its earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.07. Bank of America had a return on equity of 12.08% and a net margin of 18.69%. The business had revenue of $25.20 billion for the quarter, compared to the consensus estimate of $25.13 billion. During the same period last year, the business earned $0.81 earnings per share. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Co. will post 3.46 earnings per share for the current year.
Bank of America Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is presently 26.89%.
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. 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.
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