Gateway Investment Advisers LLC Trims Stock Position in Bank of America Co. (NYSE:BAC)

Gateway Investment Advisers LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 4.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,107,343 shares of the financial services provider’s stock after selling 103,559 shares during the quarter. Bank of America makes up about 0.9% of Gateway Investment Advisers LLC’s holdings, making the stock its 21st largest position. Gateway Investment Advisers LLC’s holdings in Bank of America were worth $83,619,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fairway Wealth LLC purchased a new position in Bank of America during the 2nd quarter worth $27,000. Delos Wealth Advisors LLC increased its position in Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the period. POM Investment Strategies LLC raised its stake in Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC acquired a new stake in Bank of America during the 2nd quarter worth approximately $30,000. Finally, Livelsberger Financial Advisory purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $28,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of a number of analyst reports. Oppenheimer upped their price objective on shares of Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research report on Wednesday. Morgan Stanley reduced their price target on Bank of America from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Monday, September 30th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Cfra reissued a “sell” rating and issued a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $42.27.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 160,921,082 shares of company stock worth $6,582,343,525 over the last quarter. 0.29% of the stock is currently owned by insiders.

Bank of America Price Performance

Shares of NYSE BAC traded up $1.98 during trading on Friday, reaching $41.95. The company had a trading volume of 50,660,740 shares, compared to its average volume of 38,864,645. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $325.51 billion, a PE ratio of 14.77, a price-to-earnings-growth 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 stock has a 50-day moving average price of $39.41 and a two-hundred day moving average price of $39.25.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 EPS. As a group, sell-side analysts predict that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date was Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is currently 36.62%.

Bank of America declared that its board has approved a share repurchase program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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.