Adalta Capital Management LLC Sells 300 Shares of Bank of America Co. (NYSE:BAC)

Adalta Capital Management LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 11.5% in the 3rd quarter, Holdings Channel reports. The firm owned 2,300 shares of the financial services provider’s stock after selling 300 shares during the period. Adalta Capital Management LLC’s holdings in Bank of America were worth $91,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Accent Capital Management LLC boosted its position in Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after buying an additional 11,873 shares in the last quarter. Summit Global Investments increased its holdings in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after purchasing an additional 36,089 shares during the period. Baker Avenue Asset Management LP raised its position in Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares during the last quarter. Banco Santander S.A. lifted its holdings in Bank of America by 173.7% during the 3rd quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock worth $23,150,000 after buying an additional 370,275 shares during the period. Finally, Westfield Capital Management Co. LP grew its position in shares of Bank of America by 647.7% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,823,667 shares of the financial services provider’s stock valued at $72,363,000 after buying an additional 1,579,767 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, September 3rd. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Evercore ISI upped their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a report on Friday, October 18th. Finally, Piper Sandler boosted their price target on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $45.92.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $39.58, for a total transaction of $156,981,325.24. Following the sale, the insider now owns 854,214,328 shares of the company’s stock, valued at $33,809,803,102.24. The trade was a 0.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 55,223,897 shares of company stock valued at $2,232,505,985 in the last 90 days. Insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.75 on Monday. Bank of America Co. has a fifty-two week low of $30.45 and a fifty-two week high of $48.08. The company’s 50-day moving average is $43.75 and its 200 day moving average is $41.28. 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 $358.71 billion, a P/E ratio of 17.00, a price-to-earnings-growth ratio of 1.58 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion during 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 company’s revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 EPS. On average, equities research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.22%. Bank of America’s payout ratio is presently 37.82%.

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.