Bfsg LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 38.1% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 2,132 shares of the financial services provider’s stock after selling 1,315 shares during the period. Bfsg LLC’s holdings in Bank of America were worth $85,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Delos Wealth Advisors LLC grew its position in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the period. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at about $27,000. POM Investment Strategies LLC grew its position in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the period. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at about $30,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the 1st quarter valued at about $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.
Bank of America Stock Down 0.6 %
Shares of NYSE BAC opened at $42.33 on Friday. The firm has a market cap of $331.04 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 1.39 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The business’s 50 day moving average is $39.89 and its two-hundred day moving average is $39.41.
Bank of America Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 35.99%.
Bank of America declared that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
Analyst Ratings Changes
A number of equities research analysts have recently commented on the company. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, September 3rd. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Barclays lifted their price objective on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $42.69.
Read Our Latest Report on Bank of America
Insider Buying and Selling at Bank of America
In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $42.41, for a total value of $269,261,980.61. Following the sale, the insider now owns 992,612,058 shares of the company’s stock, valued at $42,096,677,379.78. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Bernard A. Mensah sold 92,000 shares of the company’s 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 owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $42.41, for a total value of $269,261,980.61. Following the sale, the insider now directly owns 992,612,058 shares in the company, valued at $42,096,677,379.78. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 144,633,120 shares of company stock valued at $5,862,871,640 over the last quarter. 0.29% of the stock is owned by company insiders.
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.
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