Grimes & Company Inc. Sells 2,363 Shares of Bank of America Co. (NYSE:BAC)

Grimes & Company Inc. lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.8% in the third quarter, HoldingsChannel.com reports. The fund owned 278,453 shares of the financial services provider’s stock after selling 2,363 shares during the period. Grimes & Company Inc.’s holdings in Bank of America were worth $11,049,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Fairway Wealth LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at about $27,000. Delos Wealth Advisors LLC boosted its position in shares of Bank of America by 402.2% during 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 last quarter. POM Investment Strategies LLC boosted its position in shares of 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 bought a new stake in Bank of America in the 2nd quarter worth approximately $30,000. Finally, Clearstead Trust LLC lifted its position in Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after buying an additional 834 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of a number of recent research reports. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. BMO Capital Markets boosted their price objective on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Evercore ISI boosted their price objective 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. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $41.20, for a total transaction of $216,901,561.20. Following the completion of the sale, the insider now owns 961,646,715 shares in the company, valued at approximately $39,619,844,658. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of Bank of America stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $41.20, for a total transaction of $216,901,561.20. Following the transaction, the insider now directly owns 961,646,715 shares of the company’s stock, valued at approximately $39,619,844,658. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 132,863,500 shares of company stock worth $5,363,830,468 over the last quarter. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Stock Performance

BAC traded up $0.13 during midday trading on Thursday, reaching $42.47. The company had a trading volume of 2,168,648 shares, compared to its average volume of 38,563,328. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business has a 50-day moving average of $40.11 and a two-hundred day moving average of $39.53. The company has a market cap of $332.13 billion, a P/E ratio of 14.65, a P/E/G ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.90 earnings per share. As a group, equities research analysts predict that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is 35.99%.

Bank of America declared that its Board of Directors has approved a stock repurchase plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

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.