Abacus Wealth Partners LLC Takes Position in Bank of America Co. (NYSE:BAC)

Abacus Wealth Partners LLC acquired a new stake in Bank of America Co. (NYSE:BAC) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 5,473 shares of the financial services provider’s stock, valued at approximately $217,000.

A number of other large investors have also added to or reduced their stakes in BAC. Barometer Capital Management Inc. acquired a new stake in Bank of America during the 4th quarter worth approximately $2,175,000. Brevan Howard Capital Management LP acquired a new stake in shares of Bank of America in the fourth quarter valued at about $3,601,000. American National Bank & Trust Co. VA bought a new position in shares of Bank of America during the first quarter worth about $1,322,000. Citizens Financial Group Inc. RI raised its position in shares of Bank of America by 27.1% during the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after acquiring an additional 20,916 shares during the last quarter. Finally, Foster Group Inc. lifted its stake in shares of Bank of America by 19.4% in the first quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock worth $340,000 after acquiring an additional 1,457 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 147,650,481 shares of company stock worth $6,050,547,676. 0.29% of the stock is owned by corporate insiders.

Bank of America Trading Up 0.0 %

NYSE BAC opened at $39.24 on Friday. The company has a market cap of $306.87 billion, a price-to-earnings ratio of 13.58, a P/E/G ratio of 1.37 and a beta of 1.33. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The business has a 50 day moving average price of $39.39 and a 200-day moving average price of $39.10. 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 (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping 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 business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter in the prior year, the company posted $0.88 earnings per share. Bank of America’s revenue was up .7% compared to the same quarter last year. As a group, equities analysts expect that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a stock buyback program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.65%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is 35.99%.

Analysts Set New Price Targets

BAC has been the topic of a number of recent analyst reports. Jefferies Financial Group lifted their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Cfra reaffirmed a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. Piper Sandler Companies raised 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 research note on Tuesday, July 9th. BMO Capital Markets lifted their price objective on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Finally, Oppenheimer lifted their price objective on Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

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.