Mather Group LLC. Sells 8,570 Shares of Bank of America Co. (NYSE:BAC)

Mather Group LLC. decreased its position in Bank of America Co. (NYSE:BAC) by 19.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,740 shares of the financial services provider’s stock after selling 8,570 shares during the quarter. Mather Group LLC.’s holdings in Bank of America were worth $1,378,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on BAC shares. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. 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. Evercore ISI raised their target price on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Jefferies Financial Group upped their price target on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, BMO Capital Markets lifted their price objective on 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. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has issued 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 an average target price of $42.27.

Bank of America Price Performance

BAC stock opened at $39.95 on Wednesday. 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 firm has a market capitalization of $312.42 billion, a price-to-earnings ratio of 13.82, a PEG ratio of 1.37 and a beta of 1.33. The firm has a 50 day moving average price of $39.34 and a 200-day moving average price 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 released its 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 for the quarter, compared to the consensus estimate of $25.22 billion. During the same period in the previous year, the company posted $0.88 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. Equities research analysts forecast that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders 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. This represents a $1.04 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Lindsay D. Hans sold 10,901 shares of the 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 of the company’s stock, valued at $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 156,918,857 shares of company stock valued at $6,421,694,213. Insiders own 0.29% of the company’s stock.

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.