Bank of America Co. (NYSE:BAC) Shares Purchased by 3Chopt Investment Partners LLC

3Chopt Investment Partners LLC raised its position in Bank of America Co. (NYSE:BAC) by 3.2% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 37,008 shares of the financial services provider’s stock after buying an additional 1,159 shares during the quarter. 3Chopt Investment Partners LLC’s holdings in Bank of America were worth $1,472,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Delos Wealth Advisors LLC raised its holdings in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares in the last quarter. Fairway Wealth LLC purchased a new position in shares of Bank of America during the 2nd quarter worth approximately $27,000. Livelsberger Financial Advisory acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $28,000. POM Investment Strategies LLC lifted its holdings in shares of Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC acquired a new position in Bank of America during the second quarter worth $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. BMO Capital Markets raised their target price on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Jefferies Financial Group raised their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Cfra restated a “sell” rating and set a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $42.12.

Bank of America Trading Up 0.7 %

Bank of America stock opened at $39.68 on Tuesday. The stock has a market cap of $310.31 billion, a PE ratio of 13.73, a P/E/G ratio of 1.37 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a 50-day moving average price of $39.56 and a 200 day moving average price of $39.07. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same period in the previous year, the firm posted $0.88 EPS. Bank of America’s revenue was up .7% on a year-over-year basis. Equities research analysts predict that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.62%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Bank of America declared that its board has approved a share repurchase program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the completion of the transaction, the insider now owns 812,041,811 shares in the company, valued at approximately $31,888,881,917.97. The disclosure for this sale can be found here. Insiders sold 140,942,405 shares of company stock worth $5,785,202,516 in the last 90 days. 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.