Aprio Wealth Management LLC Raises Stock Holdings in Bank of America Co. (NYSE:BAC)

Aprio Wealth Management LLC boosted its stake in Bank of America Co. (NYSE:BAC) by 2.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 28,811 shares of the financial services provider’s stock after buying an additional 701 shares during the period. Aprio Wealth Management LLC’s holdings in Bank of America were worth $1,143,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Delos Wealth Advisors LLC increased its stake in Bank of America by 402.2% during the first 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 during the period. Fairway Wealth LLC purchased a new stake in Bank of America during the second quarter worth about $27,000. Livelsberger Financial Advisory purchased a new stake in Bank of America during the fourth quarter worth about $28,000. POM Investment Strategies LLC increased its stake in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC purchased a new stake in Bank of America during the second quarter worth about $30,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Bank of America stock opened at $39.96 on Tuesday. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. 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 business has a 50 day simple moving average of $39.36 and a 200-day simple moving average of $39.16. The stock has a market capitalization of $312.50 billion, a PE ratio of 13.83, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the prior year, the business earned $0.88 earnings per share. The company’s quarterly revenue was up .7% compared to the same quarter last year. Equities analysts predict that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a $0.26 dividend. This is a boost 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 yield of 2.60%. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America announced that its board has authorized a stock buyback plan 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 reacquire up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have issued reports on BAC shares. Oppenheimer boosted their price target on shares of Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Evercore ISI boosted their price objective on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Jefferies Financial Group boosted their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. 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 report on Tuesday, July 9th. Finally, Piper Sandler 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 report on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $42.27.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the sale, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 156,918,857 shares of company stock worth $6,421,694,213. 0.29% of the stock is owned by corporate insiders.

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.