Pine Valley Investments Ltd Liability Co Grows Holdings in Bank of America Co. (NYSE:BAC)

Pine Valley Investments Ltd Liability Co increased its stake in Bank of America Co. (NYSE:BAC) by 2.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,579 shares of the financial services provider’s stock after buying an additional 356 shares during the period. Pine Valley Investments Ltd Liability Co’s holdings in Bank of America were worth $658,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in BAC. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 2nd quarter worth about $27,000. POM Investment Strategies LLC increased its holdings in 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 last quarter. Kennebec Savings Bank acquired a new stake in Bank of America during the third quarter valued at approximately $29,000. Christopher J. Hasenberg Inc grew its position in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at approximately $45,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the topic of several research analyst reports. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Piper Sandler increased their price objective on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Oppenheimer upped their target price on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Finally, Keefe, Bruyette & Woods raised their price target on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.92.

Bank of America Stock Down 0.9 %

BAC stock opened at $45.68 on Friday. The firm’s 50-day moving average is $44.39 and its two-hundred day moving average is $41.47. The company has a market capitalization of $350.50 billion, a price-to-earnings ratio of 16.61, a price-to-earnings-growth ratio of 1.56 and a beta of 1.33. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

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. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the previous year, the company earned $0.90 earnings per share. The firm’s quarterly revenue was up .4% compared to the same quarter last year. On average, analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.28%. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction that occurred 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 transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 55,223,897 shares of company stock valued at $2,232,505,985 over the last three months. Company insiders own 0.29% of the company’s stock.

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.