Fiduciary Alliance LLC Purchases 17,677 Shares of Bank of America Co. (NYSE:BAC)

Fiduciary Alliance LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 253.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,658 shares of the financial services provider’s stock after buying an additional 17,677 shares during the quarter. Fiduciary Alliance LLC’s holdings in Bank of America were worth $978,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Delos Wealth Advisors LLC lifted its holdings in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the period. Fairway Wealth LLC bought a new stake in Bank of America during the second quarter valued at about $27,000. Livelsberger Financial Advisory purchased a new position in Bank of America in the fourth quarter valued at about $28,000. POM Investment Strategies LLC raised its holdings in Bank of America by 839.0% in 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 in the last quarter. Finally, Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America during the second quarter valued at about $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.0 %

NYSE:BAC traded up $0.02 during trading hours on Monday, hitting $41.97. The company had a trading volume of 10,047,678 shares, compared to its average volume of 38,719,266. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. 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 company has a 50-day moving average of $39.41 and a 200 day moving average of $39.27. The company has a market cap of $328.22 billion, a P/E ratio of 14.52, a P/E/G ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.88 EPS. Sell-side analysts expect that Bank of America Co. will post 3.25 earnings per share for the current year.

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

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a $0.26 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.48%. Bank of America’s payout ratio is presently 35.99%.

Insider Activity

In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Bank of America 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 shares were 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 owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’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 transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares in the company, 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. Over the last ninety days, insiders sold 160,921,082 shares of company stock valued at $6,582,343,525. 0.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently commented on the company. Jefferies Financial Group increased their price objective on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 target price (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Finally, Oppenheimer raised their price target on shares of Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. 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 given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $42.27.

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.