Asio Capital LLC Sells 11,271 Shares of Bank of America Co. (NYSE:BAC)

Asio Capital LLC cut its position in shares of Bank of America Co. (NYSE:BAC) by 6.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 156,621 shares of the financial services provider’s stock after selling 11,271 shares during the quarter. Bank of America accounts for about 1.2% of Asio Capital LLC’s portfolio, making the stock its 25th biggest holding. Asio Capital LLC’s holdings in Bank of America were worth $6,215,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. DRW Securities LLC grew its stake in Bank of America by 328.3% in the fourth quarter. DRW Securities LLC now owns 76,992 shares of the financial services provider’s stock valued at $2,592,000 after purchasing an additional 59,016 shares in the last quarter. Childress Capital Advisors LLC grew its stake in Bank of America by 19.9% in the fourth quarter. Childress Capital Advisors LLC now owns 22,699 shares of the financial services provider’s stock valued at $764,000 after purchasing an additional 3,765 shares in the last quarter. Sanibel Captiva Trust Company Inc. bought a new position in Bank of America in the fourth quarter valued at approximately $9,236,000. Trail Ridge Investment Advisors LLC bought a new position in Bank of America in the fourth quarter valued at approximately $202,000. Finally, Hobbs Group Advisors LLC bought a new position in Bank of America in the fourth quarter valued at approximately $1,133,000. 70.71% of the stock is currently owned by institutional investors.

Insider Activity at Bank of America

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 owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 160,921,082 shares of company stock worth $6,582,343,525. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on BAC shares. Piper Sandler upgraded 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. BMO Capital Markets lifted their price target on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Morgan Stanley dropped their price target 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. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, September 3rd. Finally, StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $42.27.

Bank of America Price Performance

NYSE BAC opened at $41.95 on Friday. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The firm has a market capitalization of $325.51 billion, a P/E ratio of 14.77, a PEG ratio of 1.39 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a 50-day moving average price of $39.41 and a 200-day moving average price of $39.25.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share 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 the consensus estimate of $25.22 billion. During the same period in the prior year, the company posted $0.88 EPS. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current year.

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 outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are 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 dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend was Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is presently 36.62%.

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.