Hedges Asset Management LLC Sells 300 Shares of Bank of America Co. (NYSE:BAC)

Hedges Asset Management LLC decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 1.1% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 26,600 shares of the financial services provider’s stock after selling 300 shares during the period. Hedges Asset Management LLC’s holdings in Bank of America were worth $1,055,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. First American Bank lifted its position in shares of Bank of America by 1.2% during the third quarter. First American Bank now owns 199,190 shares of the financial services provider’s stock worth $7,904,000 after purchasing an additional 2,366 shares in the last quarter. Cavalier Investments LLC raised its position in Bank of America by 6.4% in the 3rd quarter. Cavalier Investments LLC now owns 17,319 shares of the financial services provider’s stock worth $687,000 after purchasing an additional 1,035 shares during the last quarter. First Financial Bankshares Inc lifted its holdings in Bank of America by 0.7% during the 3rd quarter. First Financial Bankshares Inc now owns 1,205,017 shares of the financial services provider’s stock worth $47,815,000 after buying an additional 8,734 shares in the last quarter. Pointe Capital Management LLC boosted its position in Bank of America by 3.9% in the 3rd quarter. Pointe Capital Management LLC now owns 17,224 shares of the financial services provider’s stock valued at $683,000 after buying an additional 643 shares during the last quarter. Finally, Richardson Financial Services Inc. increased its stake in shares of Bank of America by 35.1% in the 3rd quarter. Richardson Financial Services Inc. now owns 3,081 shares of the financial services provider’s stock valued at $122,000 after buying an additional 800 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BAC shares. Barclays upped their price target on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Tuesday, September 3rd. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Cfra reaffirmed a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. Finally, Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $40.63, for a total transaction of $284,146,717.60. Following the sale, the insider now directly owns 948,077,805 shares in the company, valued at approximately $38,520,401,217.15. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $40.63, for a total transaction of $284,146,717.60. Following the completion of the transaction, the insider now directly owns 948,077,805 shares of the company’s stock, valued at $38,520,401,217.15. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 120,072,238 shares of company stock worth $4,833,067,143. Company insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $41.89 on Monday. 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 company has a market capitalization of $327.60 billion, a P/E ratio of 14.49, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33. The company’s 50 day moving average price is $40.24 and its two-hundred day moving average price is $39.62. 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 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same period last year, the company posted $0.90 EPS. On average, analysts expect that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.48%. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America declared that its Board of Directors has authorized a stock repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.

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.