Leuthold Group LLC Buys 24,804 Shares of Bank of America Co. (NYSE:BAC)

Leuthold Group LLC increased its position in Bank of America Co. (NYSE:BAC) by 16.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 175,850 shares of the financial services provider’s stock after acquiring an additional 24,804 shares during the quarter. Leuthold Group LLC’s holdings in Bank of America were worth $6,978,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of BAC. Trilogy Capital Inc. bought a new stake in shares of Bank of America during the 1st quarter valued at about $214,000. Aviance Capital Partners LLC grew its stake in Bank of America by 55.0% in the 1st quarter. Aviance Capital Partners LLC now owns 22,770 shares of the financial services provider’s stock worth $863,000 after buying an additional 8,076 shares in the last quarter. BKM Wealth Management LLC increased its holdings in shares of Bank of America by 30.1% in the 1st quarter. BKM Wealth Management LLC now owns 5,243 shares of the financial services provider’s stock worth $199,000 after buying an additional 1,213 shares during the last quarter. Miracle Mile Advisors LLC lifted its holdings in shares of Bank of America by 2.1% during the 1st quarter. Miracle Mile Advisors LLC now owns 19,229 shares of the financial services provider’s stock worth $729,000 after acquiring an additional 388 shares during the last quarter. Finally, Leonard Rickey Investment Advisors P.L.L.C. purchased a new position in Bank of America in the first quarter worth $226,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 120,072,238 shares of company stock valued at $4,833,067,143. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Stock Performance

Shares of BAC opened at $42.03 on Monday. Bank of America Co. has a one year low of $25.28 and a one year high of $44.44. The company has a 50-day simple moving average of $40.24 and a two-hundred day simple moving average of $39.62. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $328.69 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share 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 company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the firm earned $0.90 earnings per share. The firm’s revenue for the quarter was up .4% on a year-over-year basis. On average, analysts anticipate that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America declared that its board has authorized 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 shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Announces Dividend

The business also recently disclosed 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. This represents a $1.04 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Jefferies Financial Group lifted their price target on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Cfra restated a “sell” rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Finally, Barclays lifted their price objective on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $42.69.

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.