Bank of America Co. (NYSE:BAC) Holdings Raised by Trivant Custom Portfolio Group LLC

Trivant Custom Portfolio Group LLC boosted its stake in Bank of America Co. (NYSE:BAC) by 4.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 89,056 shares of the financial services provider’s stock after buying an additional 3,547 shares during the period. Bank of America accounts for 2.0% of Trivant Custom Portfolio Group LLC’s portfolio, making the stock its 18th biggest holding. Trivant Custom Portfolio Group LLC’s holdings in Bank of America were worth $3,534,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 147,650,481 shares of company stock worth $6,050,547,676. 0.29% of the stock is owned by insiders.

Bank of America Stock Up 2.2 %

NYSE BAC traded up $0.86 during trading on Friday, hitting $40.11. 34,255,929 shares of the company traded hands, compared to its average volume of 39,056,484. The company has a market capitalization of $313.68 billion, a P/E ratio of 13.88, a PEG ratio of 1.37 and a beta of 1.33. The business has a fifty day simple moving average of $39.36 and a 200 day simple moving average of $39.12. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

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. 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 for the quarter, compared to the consensus estimate of $25.22 billion. During the same period last year, the business earned $0.88 EPS. The firm’s revenue was up .7% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America declared that its board has approved a stock repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently disclosed 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. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.59%. The ex-dividend date was Friday, September 6th. Bank of America’s dividend payout ratio is currently 35.99%.

Wall Street Analyst Weigh In

Several research firms have issued reports on BAC. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Royal Bank of Canada upped their target price on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a research note on Wednesday. Barclays raised their target price on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, September 3rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.27.

Bank of America Company 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.