Bridge Creek Capital Management LLC Sells 2,585 Shares of Bank of America Co. (NYSE:BAC)

Bridge Creek Capital Management LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 1.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 192,236 shares of the financial services provider’s stock after selling 2,585 shares during the period. Bank of America accounts for about 2.3% of Bridge Creek Capital Management LLC’s investment portfolio, making the stock its 7th largest position. Bridge Creek Capital Management LLC’s holdings in Bank of America were worth $7,628,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Callan Family Office LLC purchased a new position in Bank of America in the 3rd quarter valued at about $3,235,000. Aprio Wealth Management LLC lifted its holdings in Bank of America by 2.5% in the 3rd quarter. Aprio Wealth Management LLC now owns 28,811 shares of the financial services provider’s stock valued at $1,143,000 after purchasing an additional 701 shares in the last quarter. Affinity Capital Advisors LLC lifted its holdings in Bank of America by 42.8% in the 3rd quarter. Affinity Capital Advisors LLC now owns 10,720 shares of the financial services provider’s stock valued at $425,000 after purchasing an additional 3,215 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Bank of America by 16.8% during the 3rd quarter. Versant Capital Management Inc now owns 8,655 shares of the financial services provider’s stock worth $343,000 after acquiring an additional 1,243 shares during the period. Finally, Bath Savings Trust Co lifted its holdings in shares of Bank of America by 5.5% during the 3rd quarter. Bath Savings Trust Co now owns 9,620 shares of the financial services provider’s stock worth $382,000 after acquiring an additional 500 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

BAC traded up $0.06 during trading hours on Tuesday, hitting $40.02. 2,494,441 shares of the stock were exchanged, compared to its average volume of 38,797,352. The stock has a 50-day simple moving average of $39.36 and a 200-day simple moving average of $39.16. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The stock has a market cap of $312.97 billion, a price-to-earnings ratio of 13.83, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 firm had revenue of $25.38 billion for 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 period last year, the business posted $0.88 earnings per share. Analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America announced that its Board of Directors has approved a stock repurchase 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 repurchase up to 7.6% of its stock through open market purchases. Stock 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 announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.60%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of Bank of America stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $40.05, for a total transaction of $163,250,568.45. Following the sale, the insider now directly owns 784,549,933 shares in the company, valued at $31,421,224,816.65. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of Bank of America stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $40.05, for a total transaction of $163,250,568.45. Following the sale, the insider now directly owns 784,549,933 shares in the company, valued at $31,421,224,816.65. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America 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 sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 156,918,857 shares of company stock worth $6,421,694,213. 0.29% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Jefferies Financial Group increased their price objective on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Morgan Stanley dropped their target price on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Monday, September 30th. Finally, Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.