Peddock Capital Advisors LLC Buys 1,286 Shares of Bank of America Co. (NYSE:BAC)

Peddock Capital Advisors LLC grew its stake in Bank of America Co. (NYSE:BAC) by 1.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 79,212 shares of the financial services provider’s stock after acquiring an additional 1,286 shares during the period. Bank of America accounts for about 0.8% of Peddock Capital Advisors LLC’s investment portfolio, making the stock its 28th biggest position. Peddock Capital Advisors LLC’s holdings in Bank of America were worth $3,143,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. McAdam LLC grew its position in Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 238 shares during the period. BTC Capital Management Inc. grew its position in Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 248 shares during the period. Central Bank & Trust Co. boosted its holdings in Bank of America by 15.1% during the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 248 shares during the last quarter. SNS Financial Group LLC boosted its holdings in Bank of America by 3.3% during the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after acquiring an additional 248 shares during the last quarter. Finally, Verdence Capital Advisors LLC boosted its holdings in Bank of America by 0.3% during the 2nd quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after acquiring an additional 251 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Bank of America stock traded up $0.07 during midday trading on Wednesday, reaching $40.00. The stock had a trading volume of 5,059,113 shares, compared to its average volume of 38,754,676. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The firm’s 50-day moving average price is $39.31 and its 200 day moving average price is $39.20. The firm has a market capitalization of $312.81 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 quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating 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 company’s 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. As a group, research analysts predict that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company 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. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.60%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is currently 35.99%.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Morgan Stanley cut their price objective on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Cfra reaffirmed a “sell” rating and set a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Evercore ISI lifted their price objective on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Finally, StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. 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 issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $42.27.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction that occurred on 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 completion of the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction that occurred on 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 completion of the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This trade represents 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 over the last quarter. 0.29% of the stock is owned by corporate insiders.

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.