Harbor Advisory Corp MA Sells 5,324 Shares of Bank of America Co. (NYSE:BAC)

Harbor Advisory Corp MA cut its stake in Bank of America Co. (NYSE:BAC) by 22.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,371 shares of the financial services provider’s stock after selling 5,324 shares during the period. Harbor Advisory Corp MA’s holdings in Bank of America were worth $729,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Fairway Wealth LLC bought a new position in shares of Bank of America in the second quarter worth about $27,000. Delos Wealth Advisors LLC grew its holdings in shares of 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 worth $26,000 after purchasing an additional 547 shares during the last quarter. POM Investment Strategies LLC grew its holdings 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 worth $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the second quarter worth about $30,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of Bank of America in the first quarter worth about $33,000. 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 Bank of America stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s 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 owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction on 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 transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 138,284,099 shares of company stock valued at $5,593,609,660. 0.29% of the stock is owned by company insiders.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.22 during midday trading on Tuesday, reaching $41.98. 9,768,313 shares of the stock were exchanged, compared to its average volume of 38,662,016. The firm has a market cap of $328.30 billion, a price-to-earnings ratio of 14.47, a PEG ratio of 1.39 and a beta of 1.33. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The firm has a 50-day simple moving average of $39.97 and a two-hundred day simple moving average of $39.47. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

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

Bank of America declared that its board has approved a stock repurchase program 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 stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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 paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.48%. Bank of America’s dividend payout ratio is currently 35.99%.

Wall Street Analyst Weigh In

BAC has been the topic of several recent research reports. Barclays increased their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $42.69.

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.