Pathway Financial Advisers LLC Has $1.17 Million Holdings in Bank of America Co. (NYSE:BAC)

Pathway Financial Advisers LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,400 shares of the financial services provider’s stock after selling 862 shares during the quarter. Pathway Financial Advisers LLC’s holdings in Bank of America were worth $1,168,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fairway Wealth LLC bought a new stake in Bank of America in the second quarter valued at approximately $27,000. Delos Wealth Advisors LLC increased its holdings in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares in the last quarter. POM Investment Strategies LLC lifted its stake in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC bought a new stake in Bank of America in the 2nd quarter valued at approximately $30,000. Finally, Livelsberger Financial Advisory bought a new position in shares of Bank of America during the 4th quarter worth approximately $28,000. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s 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 of the company’s stock, valued at $402,577.37. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on 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 approximately $402,577.37. The disclosure for this sale can be found here. Insiders have sold a total of 140,942,405 shares of company stock worth $5,785,202,516 in the last ninety days. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Up 0.7 %

Shares of NYSE:BAC opened at $39.68 on Tuesday. The firm has a market cap of $310.31 billion, a P/E ratio of 13.73, a P/E/G ratio of 1.37 and a beta of 1.33. The business has a fifty day simple moving average of $39.56 and a 200 day simple moving average of $39.07. 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.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating 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 business had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the prior year, the firm posted $0.88 earnings per share. The business’s quarterly revenue was up .7% compared to the same quarter last year. Analysts predict 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 initiated a share repurchase program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently announced 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 represents a $1.04 dividend on an annualized basis and a dividend yield of 2.62%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6th. Bank of America’s dividend payout ratio is presently 35.99%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BAC. Royal Bank of Canada increased their price target on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.12.

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.