Saxon Interests Inc. Has $226,000 Holdings in Bank of America Co. (NYSE:BAC)

Saxon Interests Inc. lowered its stake in Bank of America Co. (NYSE:BAC) by 21.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,697 shares of the financial services provider’s stock after selling 1,527 shares during the period. Saxon Interests Inc.’s holdings in Bank of America were worth $226,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Barometer Capital Management Inc. acquired a new stake in shares of Bank of America in the fourth quarter worth about $2,175,000. Brevan Howard Capital Management LP acquired a new stake in shares of Bank of America in the fourth quarter worth about $3,601,000. American National Bank & Trust Co. VA acquired a new stake in shares of Bank of America in the first quarter worth about $1,322,000. Citizens Financial Group Inc. RI lifted its position in shares of Bank of America by 27.1% in the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after buying an additional 20,916 shares during the last quarter. Finally, Foster Group Inc. lifted its position 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 buying an additional 1,457 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s 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 transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 12,291,807 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 156,918,857 shares of company stock valued at $6,421,694,213 over the last quarter. Corporate insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock traded up $0.13 during trading hours on Wednesday, reaching $40.06. 6,364,402 shares of the company were exchanged, compared to its average volume of 38,758,668. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The stock’s fifty day moving average is $39.31 and its two-hundred day moving average is $39.20. The company has a market cap of $313.28 billion, a price-to-earnings ratio of 13.84, a P/E/G 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 earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same period in the prior year, the business earned $0.88 earnings per share. Bank of America’s quarterly revenue was up .7% on a year-over-year basis. Sell-side analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a dividend of $0.26 per share. This is an increase 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 dividend yield of 2.60%. Bank of America’s dividend payout ratio is currently 35.99%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. StockNews.com lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. BMO Capital Markets lifted their price objective on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Jefferies Financial Group lifted their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Piper Sandler Companies upgraded 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 research note on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $48.00 price objective (up from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.27.

Bank of America 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.