Morse Asset Management Inc Purchases Shares of 7,700 Bank of America Co. (NYSE:BAC)

Morse Asset Management Inc purchased a new stake in Bank of America Co. (NYSE:BAC) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 7,700 shares of the financial services provider’s stock, valued at approximately $306,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Longfellow Investment Management Co. LLC lifted its stake in Bank of America by 0.6% during the third quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after buying an additional 227 shares in the last quarter. Beacon Investment Advisory Services Inc. lifted its stake in Bank of America by 1.1% during the third quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after buying an additional 231 shares in the last quarter. McAdam LLC lifted its stake in Bank of America by 2.1% during the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after buying an additional 238 shares in the last quarter. Integrity Financial Corp WA lifted its stake in Bank of America by 1.6% during the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after buying an additional 240 shares in the last quarter. Finally, BTC Capital Management Inc. lifted its stake in Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after buying an additional 248 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock in a transaction on Monday, September 9th. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the sale, the insider now owns 861,175,131 shares in the company, valued at $34,076,699,933.67. The trade was a 0.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have sold 56,945,263 shares of company stock worth $2,300,620,438. Insiders own 0.29% of the company’s stock.

Bank of America Trading Down 1.0 %

NYSE:BAC opened at $46.37 on Thursday. Bank of America Co. has a 12 month low of $30.33 and a 12 month high of $48.08. The firm has a market cap of $355.75 billion, a price-to-earnings ratio of 16.86, a P/E/G ratio of 1.59 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. The company’s 50 day moving average is $43.45 and its 200-day moving average is $41.16.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the company posted $0.90 earnings per share. Equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.24%. Bank of America’s payout ratio is 37.82%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of analyst reports. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research note on Friday, October 18th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Evercore ISI upped their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Piper Sandler upped their target price on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, Wells Fargo & Company upped their target price on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $45.57.

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.