Bank of America Co. (NYSE:BAC) Shares Sold by Heartwood Wealth Advisors LLC

Heartwood Wealth Advisors LLC reduced its holdings in Bank of America Co. (NYSE:BAC) by 27.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,282 shares of the financial services provider’s stock after selling 2,743 shares during the quarter. Heartwood Wealth Advisors LLC’s holdings in Bank of America were worth $289,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Cohen Investment Advisors LLC increased its holdings in shares of Bank of America by 12.3% during the third quarter. Cohen Investment Advisors LLC now owns 82,204 shares of the financial services provider’s stock valued at $3,262,000 after purchasing an additional 8,989 shares during the period. Miracle Mile Advisors LLC lifted its stake in shares of Bank of America by 10.4% in the 3rd quarter. Miracle Mile Advisors LLC now owns 19,798 shares of the financial services provider’s stock worth $786,000 after acquiring an additional 1,858 shares during the period. Consilio Wealth Advisors LLC boosted its holdings in shares of Bank of America by 12.9% in the third quarter. Consilio Wealth Advisors LLC now owns 8,831 shares of the financial services provider’s stock valued at $350,000 after acquiring an additional 1,009 shares in the last quarter. Smith Anglin Financial LLC increased its stake in shares of Bank of America by 13.6% during the third quarter. Smith Anglin Financial LLC now owns 13,007 shares of the financial services provider’s stock valued at $516,000 after acquiring an additional 1,561 shares during the period. Finally, Diversified Trust Co raised its holdings in Bank of America by 34.8% during the third quarter. Diversified Trust Co now owns 162,072 shares of the financial services provider’s stock worth $6,431,000 after purchasing an additional 41,877 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BAC shares. Piper Sandler upgraded 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 report on Tuesday, July 9th. Royal Bank of Canada boosted 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. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Finally, Jefferies Financial Group lifted their price target on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $42.27.

Bank of America Stock Performance

Shares of BAC opened at $39.96 on Tuesday. The company has a market capitalization of $312.50 billion, a PE ratio of 13.83, a PEG ratio of 1.37 and a beta of 1.33. 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 company’s 50 day moving average price is $39.36 and its 200 day moving average price is $39.16. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate 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 period in the previous year, the company posted $0.88 EPS. Bank of America’s revenue was up .7% on a year-over-year basis. Research analysts expect that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.60%. The ex-dividend date was Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Bank of America announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding 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 often a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $40.05, for a total value of $163,250,568.45. Following the completion of the sale, the insider now directly owns 784,549,933 shares in the company, valued at approximately $31,421,224,816.65. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction 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 transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. 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 available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $40.05, for a total transaction of $163,250,568.45. Following the completion of the sale, the insider now owns 784,549,933 shares in the company, valued at $31,421,224,816.65. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 156,918,857 shares of company stock worth $6,421,694,213. 0.29% of the stock is owned by corporate insiders.

About Bank of America

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.