Bank of America Co. (NYSE:BAC) Shares Sold by Apella Capital LLC

Apella Capital LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,870 shares of the financial services provider’s stock after selling 392 shares during the period. Apella Capital LLC’s holdings in Bank of America were worth $426,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Barometer Capital Management Inc. purchased a new stake in shares of Bank of America during the 4th quarter worth approximately $2,175,000. Brevan Howard Capital Management LP acquired a new position in Bank of America in the fourth quarter valued at $3,601,000. American National Bank & Trust Co. VA purchased a new position in shares of Bank of America during the first quarter worth about $1,322,000. Citizens Financial Group Inc. RI increased its position in shares of Bank of America by 27.1% during 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 purchasing an additional 20,916 shares in the last quarter. Finally, Foster Group Inc. increased its position in shares of Bank of America by 19.4% during the first quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock worth $340,000 after purchasing an additional 1,457 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BAC. Barclays raised their price target on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. BMO Capital Markets raised their target price on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Evercore ISI upped their price target on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Oppenheimer lifted their price objective on shares of Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.27.

Bank of America Price Performance

NYSE:BAC traded up $0.86 during trading hours on Friday, hitting $40.11. The company’s stock had a trading volume of 34,255,929 shares, compared to its average volume of 39,056,484. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The business’s 50-day moving average is $39.36 and its two-hundred day moving average is $39.12. The company has a market capitalization 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 (NYSE:BAC) last announced its quarterly 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. The business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.88 EPS. As a group, research analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a dividend of $0.26 per share. This is a positive change 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 2.59%. Bank of America’s payout ratio is 35.99%.

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

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of Bank of America 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 transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were 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 directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 147,650,481 shares of company stock worth $6,050,547,676 in the last quarter. Company insiders own 0.29% of the company’s stock.

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.