USA Financial Formulas Purchases 9,450 Shares of Bank of America Co. (NYSE:BAC)

USA Financial Formulas lifted its position in shares of Bank of America Co. (NYSE:BAC) by 29.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,090 shares of the financial services provider’s stock after buying an additional 9,450 shares during the quarter. Bank of America makes up 0.3% of USA Financial Formulas’ holdings, making the stock its 22nd largest holding. USA Financial Formulas’ holdings in Bank of America were worth $1,630,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Brevan Howard Capital Management LP bought a new stake in Bank of America during the 4th quarter valued at $3,601,000. American National Bank & Trust Co. VA purchased a new position in Bank of America in the first quarter valued at about $1,322,000. Citizens Financial Group Inc. RI grew its stake in Bank of America by 27.1% in the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after purchasing an additional 20,916 shares during the last quarter. Foster Group Inc. raised its holdings 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 worth $340,000 after purchasing an additional 1,457 shares in the last quarter. Finally, Councilmark Asset Management LLC purchased a new stake in shares of Bank of America during the first quarter valued at about $771,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now directly 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction that occurred on 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 transaction, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 156,918,857 shares of company stock worth $6,421,694,213 over the last quarter. 0.29% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on BAC shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research report on Wednesday. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Morgan Stanley decreased their price objective on Bank of America from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Monday, September 30th. Cfra restated a “sell” rating and set a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Finally, Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $42.27.

Bank of America Stock Performance

Shares of BAC stock opened at $40.18 on Thursday. The stock has a market cap of $314.22 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The business has a 50-day simple moving average of $39.31 and a 200-day simple moving average of $39.21. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued 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. The company had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.88 EPS. On average, equities analysts expect that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America declared that its Board of Directors has authorized a stock repurchase plan 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 plans are generally an indication that the company’s management believes its stock is undervalued.

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 annualized dividend and a yield of 2.59%. The ex-dividend date was Friday, September 6th. Bank of America’s payout ratio is 35.99%.

Bank of America Company 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.