Bank of America Co. (NYSE:BAC) Shares Purchased by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 2.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 111,346 shares of the financial services provider’s stock after buying an additional 2,648 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Bank of America were worth $4,418,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC increased its holdings in shares of Bank of America by 2.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 406,033 shares of the financial services provider’s stock worth $13,671,000 after buying an additional 8,158 shares during the last quarter. Capital Research Global Investors purchased a new stake in Bank of America in the fourth quarter valued at $15,031,000. Exencial Wealth Advisors LLC lifted its stake in shares of Bank of America by 7.9% in the 4th quarter. Exencial Wealth Advisors LLC now owns 51,631 shares of the financial services provider’s stock valued at $1,738,000 after purchasing an additional 3,791 shares during the last quarter. Morningstar Investment Services LLC grew its holdings in shares of Bank of America by 102.2% during the 4th quarter. Morningstar Investment Services LLC now owns 1,201,043 shares of the financial services provider’s stock worth $40,691,000 after purchasing an additional 607,146 shares during the period. Finally, Frank Rimerman Advisors LLC acquired a new stake in shares of Bank of America during the 4th quarter worth about $44,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.0 %

BAC opened at $39.24 on Friday. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $306.87 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. The business’s 50-day simple moving average is $39.39 and its 200-day simple moving average is $39.10.

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

Bank of America announced that its Board of Directors has authorized a share buyback plan 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 reacquire up to 7.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

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

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The disclosure for this sale can be found here. Over the last three months, insiders sold 147,650,481 shares of company stock valued at $6,050,547,676. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on BAC shares. Jefferies Financial Group increased their target price on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Royal Bank of Canada boosted their price objective on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Oppenheimer upped their target price on shares of Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Morgan Stanley cut their price target on Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Monday. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $42.27.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.