HM Payson & Co. reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.7% in the third quarter, Holdings Channel reports. The institutional investor owned 253,895 shares of the financial services provider’s stock after selling 4,514 shares during the period. HM Payson & Co.’s holdings in Bank of America were worth $10,075,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Delos Wealth Advisors LLC grew its holdings in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after buying an additional 547 shares during the last quarter. Fairway Wealth LLC bought a new position in shares of Bank of America during the second quarter valued at about $27,000. POM Investment Strategies LLC lifted its position 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 in the last quarter. Bbjs Financial Advisors LLC bought a new stake in Bank of America in the second quarter worth about $30,000. Finally, Clearstead Trust LLC raised its position 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 valued at $34,000 after purchasing an additional 834 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Bank of America Price Performance
Shares of BAC stock traded up $0.04 during mid-day trading on Thursday, hitting $42.35. The company had a trading volume of 1,178,054 shares, compared to its average volume of 38,317,227. Bank of America Co. has a 52-week low of $25.72 and a 52-week high of $44.44. The stock’s 50 day moving average price is $40.44 and its 200-day moving average price is $39.73. 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 company has a market capitalization of $328.62 billion, a P/E ratio of 15.40, a P/E/G ratio of 1.42 and a beta of 1.33.
Bank of America declared that its board has authorized a share buyback 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 buy up to 7.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
Bank of America Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.46%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.
Insider Buying and Selling
In related news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $39.31, for a total value of $203,776,317.99. Following the sale, the insider now owns 937,246,053 shares in the company, valued at approximately $36,843,142,343.43. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the transaction, the insider now owns 937,246,053 shares in the company, valued at $36,843,142,343.43. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,078,718 shares of company stock worth $4,548,920,425. Insiders own 0.29% of the company’s stock.
Analysts Set New Price Targets
BAC has been the subject of a number of research reports. BMO Capital Markets boosted their price target on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Evercore ISI boosted their price target 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. Jefferies Financial Group boosted their price target on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $42.69.
Check Out Our Latest Stock Analysis on BAC
Bank of America 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.
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