SYM FINANCIAL Corp Purchases 877 Shares of Bank of America Co. (NYSE:BAC)

SYM FINANCIAL Corp lifted its position in Bank of America Co. (NYSE:BAC) by 6.4% during the 3rd quarter, Holdings Channel reports. The firm owned 14,606 shares of the financial services provider’s stock after buying an additional 877 shares during the quarter. SYM FINANCIAL Corp’s holdings in Bank of America were worth $580,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Safe Harbor Fiduciary LLC bought a new stake in Bank of America during the 3rd quarter worth about $1,196,000. Quadrature Capital Ltd acquired a new position in Bank of America during the 3rd quarter valued at about $10,525,000. Quantinno Capital Management LP lifted its position in Bank of America by 32.9% during the 3rd quarter. Quantinno Capital Management LP now owns 460,707 shares of the financial services provider’s stock valued at $18,281,000 after purchasing an additional 114,026 shares during the period. Quarry LP acquired a new position in Bank of America during the 3rd quarter valued at about $580,000. Finally, Royal London Asset Management Ltd. lifted its position in Bank of America by 3.4% during the 3rd quarter. Royal London Asset Management Ltd. now owns 3,060,455 shares of the financial services provider’s stock valued at $121,439,000 after purchasing an additional 101,116 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on BAC. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Piper Sandler increased their target price on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.57.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 56,945,263 shares of company stock valued at $2,300,620,438. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Trading Down 1.0 %

Shares of Bank of America stock opened at $46.37 on Thursday. The business has a fifty day simple moving average of $43.45 and a two-hundred day simple moving average of $41.16. Bank of America Co. has a 1 year low of $30.33 and a 1 year high of $48.08. The company has a market capitalization of $355.75 billion, a price-to-earnings ratio of 16.86, a P/E/G ratio of 1.58 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The company’s revenue was up .4% on a year-over-year basis. Research analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

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.