Forbes J M & Co. LLP Decreases Holdings in Bank of America Co. (NYSE:BAC)

Forbes J M & Co. LLP lowered its position in Bank of America Co. (NYSE:BAC) by 0.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 436,237 shares of the financial services provider’s stock after selling 2,175 shares during the period. Bank of America comprises approximately 1.7% of Forbes J M & Co. LLP’s investment portfolio, making the stock its 18th largest position. Forbes J M & Co. LLP’s holdings in Bank of America were worth $17,310,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Delos Wealth Advisors LLC lifted its stake in shares of 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 last quarter. Fairway Wealth LLC purchased a new position in Bank of America in the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC boosted its stake in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the period. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the second quarter worth approximately $30,000. Finally, Clearstead Trust LLC increased its stake in shares of Bank of America by 1,489.3% in the first 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 period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

BAC traded up $0.46 during midday trading on Monday, hitting $42.35. 4,436,730 shares of the company traded hands, compared to its average volume of 38,477,172. The company’s 50-day moving average is $40.24 and its 200 day moving average is $39.62. Bank of America Co. has a 52 week low of $25.28 and a 52 week high of $44.44. The firm has a market capitalization of $331.19 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33. The company has a quick ratio of 0.80, a current 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 EPS. On average, research analysts expect that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.46%. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Bank of America declared that its Board of Directors has authorized a share buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Evercore ISI increased their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Oppenheimer boosted their price target on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Finally, Cfra reissued a “sell” rating and set a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Insider Activity

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 120,072,238 shares of company stock valued at $4,833,067,143 in the last 90 days. Company insiders own 0.29% of the company’s stock.

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.