Bank of America Co. (NYSE:BAC) Holdings Boosted by Atomi Financial Group Inc.

Atomi Financial Group Inc. lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 11.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 143,888 shares of the financial services provider’s stock after purchasing an additional 14,767 shares during the quarter. Atomi Financial Group Inc.’s holdings in Bank of America were worth $5,709,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fairway Wealth LLC bought a new stake in shares of Bank of America during the 2nd quarter worth $27,000. Delos Wealth Advisors LLC boosted its holdings in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares in the last quarter. POM Investment Strategies LLC grew its holdings in shares of 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 last quarter. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the second quarter worth about $30,000. Finally, Livelsberger Financial Advisory acquired a new stake in Bank of America in the fourth quarter worth about $28,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BAC. Oppenheimer upped their target price 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, October 2nd. StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $48.00 price target (up from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Royal Bank of Canada increased their price objective on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Two investment 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $42.27.

Bank of America Stock Performance

Shares of Bank of America stock traded up $0.02 on Tuesday, reaching $39.98. 7,701,657 shares of the company traded hands, compared to its average volume of 38,833,922. 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 capitalization of $312.66 billion, a PE ratio of 13.85, a PEG ratio of 1.37 and a beta of 1.33. The company has a 50 day moving average of $39.34 and a 200 day moving average of $39.18. 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 issued its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same period in the previous year, the company posted $0.88 earnings per share. The business’s revenue was up .7% on a year-over-year basis. Equities analysts forecast 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 declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a dividend of $0.26 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America announced that its board has authorized a stock repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

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 transaction of $530,145,635.91. Following the sale, the insider now owns 998,961,079 shares in the company, valued at $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 is available at this link. In other Bank of America news, 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 completion of the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 156,918,857 shares of company stock valued at $6,421,694,213. Company insiders own 0.29% of the company’s stock.

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.