Bank of America Co. (NYSE:BAC) Holdings Reduced by Heritage Investors Management Corp

Heritage Investors Management Corp decreased its position in Bank of America Co. (NYSE:BAC) by 1.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 744,363 shares of the financial services provider’s stock after selling 9,317 shares during the period. Heritage Investors Management Corp’s holdings in Bank of America were worth $29,536,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fairway Wealth LLC bought a new position in Bank of America in the 2nd quarter worth about $27,000. 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 worth $26,000 after acquiring an additional 547 shares during the period. POM Investment Strategies LLC lifted its stake in shares of Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares during the period. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America in the 2nd quarter worth approximately $30,000. Finally, Clearstead Trust LLC lifted its stake in shares of 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 acquiring an additional 834 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.0 %

Bank of America stock traded up $0.43 during trading hours on Tuesday, hitting $41.76. The company had a trading volume of 581,888 shares, compared to its average volume of 38,200,031. The firm has a market capitalization of $320.42 billion, a P/E ratio of 15.14, a price-to-earnings-growth ratio of 1.42 and a beta of 1.32. 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’s fifty day moving average is $40.56 and its 200-day moving average is $39.89. Bank of America Co. has a fifty-two week low of $27.34 and a fifty-two week high of $44.44.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the prior year, the business posted $0.90 EPS. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. On average, research analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid 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 dividend yield of 2.49%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the 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 represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Bank of America 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 completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the 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 completion of the sale, the insider now directly owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,067,817 shares of company stock worth $4,548,518,070 in the last 90 days. 0.29% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Barclays upped their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. 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. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Oppenheimer increased their target price on shares of Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

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.