Bank of America Co. (NYSE:BAC) Shares Sold by Chesley Taft & Associates LLC

Chesley Taft & Associates LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 113,227 shares of the financial services provider’s stock after selling 2,490 shares during the quarter. Chesley Taft & Associates LLC’s holdings in Bank of America were worth $4,493,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Barometer Capital Management Inc. acquired a new stake in Bank of America in the 4th quarter valued at $2,175,000. Brevan Howard Capital Management LP acquired a new stake in shares of Bank of America in the fourth quarter valued at $3,601,000. American National Bank & Trust Co. VA purchased a new position in Bank of America in the first quarter valued at $1,322,000. Citizens Financial Group Inc. RI grew its stake in Bank of America by 27.1% during the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after purchasing an additional 20,916 shares in the last quarter. Finally, Foster Group Inc. raised its holdings in 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 valued at $340,000 after acquiring an additional 1,457 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction 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 completion of the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’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 in the company, valued at approximately $44,958,509,063.91. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 156,918,857 shares of company stock worth $6,421,694,213 in the last quarter. 0.29% of the stock is owned by corporate insiders.

Bank of America Trading Down 0.4 %

Shares of NYSE BAC opened at $39.96 on Tuesday. 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 12 month low of $24.96 and a 12 month high of $44.44. The company has a market cap of $312.50 billion, a price-to-earnings ratio of 13.83, a P/E/G 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 $39.16.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the prior year, the business posted $0.88 earnings per share. 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 share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually a sign 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 paid a $0.26 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.60%. Bank of America’s payout ratio is currently 35.99%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. Piper Sandler Companies 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. StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada raised their price target on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Barclays boosted their target price on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have issued 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 a consensus 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.