Mezzasalma Advisors LLC Has $354,000 Position in Bank of America Co. (NYSE:BAC)

Mezzasalma Advisors LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 4.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,922 shares of the financial services provider’s stock after purchasing an additional 418 shares during the quarter. Mezzasalma Advisors LLC’s holdings in Bank of America were worth $354,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. American National Bank & Trust Co. VA acquired a new position in Bank of America in the first quarter valued at $1,322,000. Citizens Financial Group Inc. RI boosted its position in shares of Bank of America by 27.1% during 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 in the last quarter. Foster Group Inc. grew its stake in Bank of America by 19.4% during 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 during the period. Councilmark Asset Management LLC bought a new stake in Bank of America in the first quarter worth approximately $771,000. Finally, SteelPeak Wealth LLC lifted its stake in Bank of America by 37.7% in the second 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. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on BAC. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Evercore ISI upped their price objective on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday. Barclays raised their target price on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $42.62.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the transaction, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the sale, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 148,230,389 shares of company stock worth $6,023,064,684. Insiders own 0.29% of the company’s stock.

Bank of America Trading Down 0.1 %

NYSE:BAC opened at $42.74 on Thursday. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The firm has a 50-day moving average price of $39.72 and a two-hundred day moving average price of $39.35. The firm has a market cap of $334.24 billion, a price-to-earnings ratio of 14.81, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the company posted $0.90 earnings per share. On average, equities analysts expect that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.43%. Bank of America’s payout ratio is currently 35.99%.

Bank of America declared that its board has approved 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 purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

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.