Harbor Investment Advisory LLC Has $4.09 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Harbor Investment Advisory LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 0.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 103,076 shares of the financial services provider’s stock after selling 806 shares during the quarter. Harbor Investment Advisory LLC’s holdings in Bank of America were worth $4,090,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Capital Research Global Investors acquired a new position in shares of Bank of America in the 4th quarter valued at $15,031,000. Exencial Wealth Advisors LLC grew its holdings in Bank of America by 7.9% during the fourth quarter. Exencial Wealth Advisors LLC now owns 51,631 shares of the financial services provider’s stock valued at $1,738,000 after purchasing an additional 3,791 shares during the period. Westwood Holdings Group Inc. raised its holdings in Bank of America by 3.9% in the fourth quarter. Westwood Holdings Group Inc. now owns 4,569,535 shares of the financial services provider’s stock worth $153,856,000 after purchasing an additional 170,535 shares during the period. Sompo Asset Management Co. Ltd. grew its holdings in shares of Bank of America by 32.5% in the 4th quarter. Sompo Asset Management Co. Ltd. now owns 102,560 shares of the financial services provider’s stock valued at $3,453,000 after buying an additional 25,180 shares during the period. Finally, Socorro Asset Management LP increased its position in shares of Bank of America by 1.2% in the 4th quarter. Socorro Asset Management LP now owns 253,809 shares of the financial services provider’s stock valued at $8,546,000 after buying an additional 2,990 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock traded up $0.86 during trading hours on Friday, hitting $40.11. The company had a trading volume of 34,255,929 shares, compared to its average volume of 39,056,484. The firm has a 50-day moving average of $39.36 and a 200 day moving average of $39.12. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $313.68 billion, a PE ratio of 13.88, a PEG ratio of 1.37 and a beta of 1.33. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44.

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, 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 company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the previous year, the business posted $0.88 earnings per share. Bank of America’s quarterly revenue was up .7% on a year-over-year basis. On average, sell-side analysts expect that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback programs are typically 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. Shareholders of record on Friday, September 6th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.59%. Bank of America’s payout ratio is currently 35.99%.

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 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 sale, the insider now directly owns 794,120,913 shares in the company, valued at $31,288,363,972.20. This 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 available at the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 1,722,523 shares of Bank of America stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $39.40, for a total transaction of $67,867,406.20. Following the sale, the insider now directly owns 794,120,913 shares of the company’s stock, valued at approximately $31,288,363,972.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 147,650,481 shares of company stock worth $6,050,547,676. 0.29% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Oppenheimer increased their price target on Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a report on Wednesday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $48.00 price target (up previously from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Morgan Stanley reduced their price objective on 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. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target 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.