Boit C F David Lowers Holdings in Bank of America Co. (NYSE:BAC)

Boit C F David reduced its position in shares of Bank of America Co. (NYSE:BAC) by 1.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 117,198 shares of the financial services provider’s stock after selling 1,200 shares during the period. Bank of America makes up 2.3% of Boit C F David’s portfolio, making the stock its 16th biggest holding. Boit C F David’s holdings in Bank of America were worth $4,598,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in BAC. Fairway Wealth LLC bought a new position in Bank of America in the 2nd quarter worth about $27,000. Delos Wealth Advisors LLC grew its holdings in shares of 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 in the last quarter. POM Investment Strategies LLC increased its position in shares of Bank of America by 839.0% in 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 last quarter. Bbjs Financial Advisors LLC purchased a new stake in Bank of America in the second quarter valued at approximately $30,000. Finally, Livelsberger Financial Advisory bought a new stake in Bank of America during the fourth quarter valued at approximately $28,000. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 784,549,933 shares of the company’s stock, valued at $31,421,224,816.65. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 156,918,857 shares of company stock valued at $6,421,694,213. 0.29% of the stock is currently owned by company insiders.

Bank of America Price Performance

BAC stock opened at $39.96 on Tuesday. The stock has a market capitalization of $312.50 billion, a price-to-earnings ratio of 13.83, a PEG ratio of 1.37 and a beta of 1.33. The firm’s 50-day moving average price is $39.36 and its two-hundred day moving average price is $39.16. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44.

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, beating analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. Bank of America’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.88 EPS. As a group, equities analysts predict 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 initiated a share repurchase plan 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 shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.60%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is 35.99%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Morgan Stanley decreased their price target on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Oppenheimer increased their target price on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Barclays lifted 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. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

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.