Golden State Equity Partners Sells 3,838 Shares of Bank of America Co. (NYSE:BAC)

Golden State Equity Partners lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 59,165 shares of the financial services provider’s stock after selling 3,838 shares during the quarter. Golden State Equity Partners’ holdings in Bank of America were worth $2,348,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in BAC. Vanguard Group Inc. boosted its position in shares of Bank of America by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after purchasing an additional 36,124,363 shares in the last quarter. AMF Tjanstepension AB lifted its stake in Bank of America by 959.6% during the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after acquiring an additional 8,447,091 shares during the period. Swedbank AB acquired a new stake in Bank of America during the 1st quarter worth about $261,923,000. 1832 Asset Management L.P. boosted its position in Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after purchasing an additional 5,749,567 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Bank of America by 290.7% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock worth $269,763,000 after acquiring an additional 5,293,000 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BAC shares. Evercore ISI raised their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Morgan Stanley raised their price target on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the sale, the insider now owns 928,460,939 shares of the company’s stock, valued at approximately $36,813,476,231.35. 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. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,078,718 shares of company stock worth $4,548,920,425 over the last ninety days. 0.29% of the stock is currently owned by company insiders.

Bank of America Price Performance

Shares of BAC stock traded down $0.13 during trading on Wednesday, hitting $42.40. The company had a trading volume of 6,894,319 shares, compared to its average volume of 38,345,480. The stock’s 50-day moving average price is $40.37 and its 200 day moving average price is $39.71. Bank of America Co. has a one year low of $25.72 and a one year high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $329.01 billion, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 1.42 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 (EPS) for the quarter, beating 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 analyst estimates of $25.25 billion. During the same period in the previous year, the firm earned $0.90 earnings per share. The company’s revenue was up .4% compared to the same quarter last year. Equities analysts expect that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed 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 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

Bank of America declared that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership 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.