Precedent Wealth Partners LLC Acquires 5,222 Shares of Bank of America Co. (NYSE:BAC)

Precedent Wealth Partners LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 18.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 33,864 shares of the financial services provider’s stock after acquiring an additional 5,222 shares during the quarter. Precedent Wealth Partners LLC’s holdings in Bank of America were worth $1,344,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Delos Wealth Advisors LLC increased its holdings in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the period. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the second quarter valued at about $27,000. POM Investment Strategies LLC increased its stake in shares of 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 valued at $29,000 after buying an additional 646 shares during the period. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America during the second quarter worth about $30,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America in the first quarter worth approximately $33,000. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America 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. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 144,633,120 shares of company stock worth $5,862,871,640. 0.29% of the stock is owned by insiders.

Bank of America Price Performance

BAC stock opened at $42.33 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The business has a 50-day simple moving average of $39.89 and a two-hundred day simple moving average of $39.41. The company has a market capitalization of $331.04 billion, a P/E ratio of 14.65, a price-to-earnings-growth ratio of 1.39 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.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 earnings per share. Research analysts expect that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America announced that its board has approved a share repurchase program 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 buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Bank of America Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is currently 35.99%.

Analysts Set New Price Targets

Several research analysts have issued reports on BAC shares. BMO Capital Markets raised their price target on shares of 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 lifted their target price on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

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.