Bank of America Co. (NYSE:BAC) Shares Sold by Sara Bay Financial

Sara Bay Financial cut its position in Bank of America Co. (NYSE:BAC) by 23.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,100 shares of the financial services provider’s stock after selling 3,348 shares during the quarter. Sara Bay Financial’s holdings in Bank of America were worth $440,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insider Transactions at Bank of America

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 stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated 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 sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’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 transaction of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 156,918,857 shares of company stock valued at $6,421,694,213 in the last ninety days. Corporate insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BAC. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Evercore ISI lifted their price objective on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Jefferies Financial Group boosted their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Finally, Cfra reiterated a “sell” rating and set a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.27.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.15 during trading on Monday, hitting $39.96. 26,588,406 shares of the stock were exchanged, compared to its average volume of 38,995,102. 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 PE ratio of 13.82, a P/E/G ratio of 1.37 and a beta of 1.33. The company has a fifty day moving average price of $39.36 and a two-hundred day moving average price of $39.16. 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 released 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. The business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.88 EPS. On average, analysts forecast 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 buyback plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.60%. Bank of America’s dividend payout ratio is currently 35.99%.

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.