Bank of America Co. (NYSE:BAC) Shares Acquired by First Affirmative Financial Network

First Affirmative Financial Network lifted its position in shares of Bank of America Co. (NYSE:BAC) by 28.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,595 shares of the financial services provider’s stock after buying an additional 2,582 shares during the quarter. First Affirmative Financial Network’s holdings in Bank of America were worth $460,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in BAC. American National Bank & Trust Co. VA acquired a new position in Bank of America in the 1st quarter valued at about $1,322,000. Citizens Financial Group Inc. RI raised 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 valued at $3,734,000 after purchasing an additional 20,916 shares during the last quarter. Foster Group Inc. raised its stake in Bank of America by 19.4% in the 1st 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. Councilmark Asset Management LLC purchased a new stake in Bank of America in the 1st quarter valued at about $771,000. Finally, SteelPeak Wealth LLC grew its holdings in Bank of America by 37.7% in the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after buying an additional 14,901 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling

In related news, insider Lindsay D. Hans sold 10,901 shares of the company’s 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 completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 completion of the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 160,921,082 shares of company stock worth $6,582,343,525 in the last three months. 0.29% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have commented on BAC shares. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $48.00 price target (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Morgan Stanley lowered 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. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

Bank of America Stock Performance

BAC stock opened at $41.95 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $325.51 billion, a P/E ratio of 14.77, a P/E/G ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The stock’s 50 day simple moving average is $39.41 and its 200 day simple moving average is $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 (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion for 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%. The business’s revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.88 EPS. As a group, equities research analysts predict that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America declared that its board has initiated a stock buyback program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given 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 dividend yield of 2.48%. The ex-dividend date was Friday, September 6th. Bank of America’s dividend payout ratio is currently 36.62%.

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.