Twelve Points Wealth Management LLC Acquires 369 Shares of Bank of America Co. (NYSE:BAC)

Twelve Points Wealth Management LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 4.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,808 shares of the financial services provider’s stock after purchasing an additional 369 shares during the period. Twelve Points Wealth Management LLC’s holdings in Bank of America were worth $350,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Physician Wealth Advisors Inc. grew its stake in Bank of America by 8.7% during the third quarter. Physician Wealth Advisors Inc. now owns 7,570 shares of the financial services provider’s stock valued at $319,000 after acquiring an additional 604 shares in the last quarter. Indiana Trust & Investment Management Co grew its stake in Bank of America by 7.0% during the third quarter. Indiana Trust & Investment Management Co now owns 7,600 shares of the financial services provider’s stock valued at $302,000 after acquiring an additional 500 shares in the last quarter. Vontobel Holding Ltd. grew its stake in Bank of America by 33.3% during the third quarter. Vontobel Holding Ltd. now owns 207,961 shares of the financial services provider’s stock valued at $8,252,000 after acquiring an additional 51,903 shares in the last quarter. Leisure Capital Management grew its stake in Bank of America by 2.3% during the third quarter. Leisure Capital Management now owns 20,668 shares of the financial services provider’s stock valued at $820,000 after acquiring an additional 464 shares in the last quarter. Finally, Sumitomo Life Insurance Co. grew its stake in Bank of America by 7.2% during the third quarter. Sumitomo Life Insurance Co. now owns 163,026 shares of the financial services provider’s stock valued at $6,469,000 after acquiring an additional 10,921 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.4 %

NYSE:BAC opened at $42.61 on Friday. The company has a fifty day moving average of $39.81 and a 200 day moving average of $39.38. 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 capitalization of $333.23 billion, a P/E ratio of 14.74, a P/E/G ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the prior year, the business posted $0.90 EPS. The firm’s revenue was up .4% compared to the same quarter last year. On average, research analysts predict that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.44%. Bank of America’s dividend payout ratio is currently 35.99%.

Bank of America declared that its Board of Directors has initiated a stock buyback 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Oppenheimer boosted their price target on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, 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. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.62.

Insiders Place Their Bets

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction 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 directly owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total value of $90,533,647.05. Following the completion of the transaction, the insider now directly owns 812,041,811 shares in the company, valued at approximately $31,888,881,917.97. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The trade was 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 144,633,120 shares of company stock worth $5,862,871,640. 0.29% of the stock is currently owned by corporate insiders.

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.