Inspirion Wealth Advisors LLC Has $738,000 Position in Bank of America Co. (NYSE:BAC)

Inspirion Wealth Advisors LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 7.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,601 shares of the financial services provider’s stock after selling 1,525 shares during the period. Inspirion Wealth Advisors LLC’s holdings in Bank of America were worth $738,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Goelzer Investment Management Inc. lifted its stake in Bank of America by 27.3% during the third quarter. Goelzer Investment Management Inc. now owns 231,057 shares of the financial services provider’s stock worth $9,168,000 after purchasing an additional 49,480 shares during the period. Allied Investment Advisors LLC grew its position in Bank of America by 0.9% in the third quarter. Allied Investment Advisors LLC now owns 295,655 shares of the financial services provider’s stock valued at $11,732,000 after acquiring an additional 2,544 shares during the period. Thrive Wealth Management LLC lifted its holdings in shares of Bank of America by 10.6% during the third quarter. Thrive Wealth Management LLC now owns 12,831 shares of the financial services provider’s stock valued at $509,000 after acquiring an additional 1,230 shares during the period. MRA Advisory Group boosted its stake in shares of Bank of America by 19.9% in the 3rd quarter. MRA Advisory Group now owns 6,416 shares of the financial services provider’s stock valued at $255,000 after purchasing an additional 1,067 shares in the last quarter. Finally, Rockland Trust Co. grew its holdings in shares of Bank of America by 0.3% in the 3rd quarter. Rockland Trust Co. now owns 119,639 shares of the financial services provider’s stock worth $4,747,000 after purchasing an additional 379 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $48.00 target price (up from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Royal Bank of Canada upped their price target on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Finally, Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $42.27.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,722,523 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $39.40, for a total transaction of $67,867,406.20. Following the completion of the transaction, the insider now owns 794,120,913 shares of the company’s stock, valued at $31,288,363,972.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, major shareholder Berkshire Hathaway Inc sold 1,722,523 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $39.40, for a total transaction of $67,867,406.20. Following the completion of the transaction, the insider now directly owns 794,120,913 shares of the company’s stock, valued at approximately $31,288,363,972.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’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 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 represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 147,650,481 shares of company stock worth $6,050,547,676 over the last quarter. 0.29% of the stock is currently owned by company insiders.

Bank of America Trading Up 2.2 %

NYSE BAC traded up $0.86 during trading on Friday, reaching $40.11. 34,255,929 shares of the stock traded hands, compared to its average volume of 39,056,484. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $313.68 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. The stock’s 50-day moving average price is $39.36 and its 200 day moving average price is $39.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter last year, the business posted $0.88 EPS. The firm’s revenue was up .7% compared to the same quarter last year. Analysts predict that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 2.59%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is presently 35.99%.

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

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.