Bank of America Co. (NYSE:BAC) Shares Sold by Gleason Group Inc.

Gleason Group Inc. cut its holdings in Bank of America Co. (NYSE:BAC) by 1.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 98,434 shares of the financial services provider’s stock after selling 1,085 shares during the period. Bank of America makes up 0.7% of Gleason Group Inc.’s investment portfolio, making the stock its 16th largest position. Gleason Group Inc.’s holdings in Bank of America were worth $3,906,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in BAC. Scarborough Advisors LLC acquired a new position in Bank of America during the fourth quarter worth approximately $65,000. Confluence Investment Management LLC acquired a new stake in shares of Bank of America during the 1st quarter worth $409,000. Insight Wealth Strategies LLC purchased a new position in shares of Bank of America in the 1st quarter worth $286,000. Los Angeles Capital Management LLC boosted its holdings in Bank of America by 10.3% in the first quarter. Los Angeles Capital Management LLC now owns 1,334,286 shares of the financial services provider’s stock valued at $50,596,000 after acquiring an additional 124,810 shares during the last quarter. Finally, Ferguson Wellman Capital Management Inc. grew its position in Bank of America by 11.6% during the first quarter. Ferguson Wellman Capital Management Inc. now owns 15,089 shares of the financial services provider’s stock valued at $572,000 after acquiring an additional 1,565 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on BAC. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Evercore ISI raised their price target on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. Cfra reissued a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $42.47.

Bank of America Stock Performance

Shares of BAC opened at $42.17 on Wednesday. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. 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 firm has a market cap of $329.79 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.39 and a beta of 1.33. The business’s 50 day moving average is $39.62 and its two-hundred day moving average is $39.33.

Bank of America (NYSE:BAC) last posted 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. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the company posted $0.90 earnings per share. Analysts forecast that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a $0.26 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.47%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Bank of America announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of Bank of America stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $42.41, for a total value of $269,261,980.61. Following the completion of the transaction, the insider now directly owns 992,612,058 shares of the company’s stock, valued at approximately $42,096,677,379.78. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $42.41, for a total transaction of $269,261,980.61. Following the completion of the transaction, the insider now owns 992,612,058 shares in the company, valued at $42,096,677,379.78. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was 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 in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 148,230,389 shares of company stock worth $6,023,064,684. 0.29% of the stock is currently owned by insiders.

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.