Sippican Capital Advisors Cuts Position in Bank of America Co. (NYSE:BAC)

Sippican Capital Advisors reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,150 shares of the financial services provider’s stock after selling 655 shares during the period. Sippican Capital Advisors’ holdings in Bank of America were worth $1,038,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of BAC. Meitav Investment House Ltd. lifted its position in shares of Bank of America by 14.0% during the 3rd quarter. Meitav Investment House Ltd. now owns 87,281 shares of the financial services provider’s stock worth $3,494,000 after buying an additional 10,739 shares during the last quarter. Catalyst Financial Partners LLC lifted its position in Bank of America by 5.5% during the 3rd quarter. Catalyst Financial Partners LLC now owns 29,066 shares of the financial services provider’s stock worth $1,153,000 after acquiring an additional 1,513 shares during the period. Goldstone Financial Group LLC purchased a new position in Bank of America in the 3rd quarter valued at $615,000. Cornerstone Wealth Group LLC raised its holdings in Bank of America by 0.3% during the third quarter. Cornerstone Wealth Group LLC now owns 346,634 shares of the financial services provider’s stock worth $13,754,000 after purchasing an additional 1,058 shares in the last quarter. Finally, JFS Wealth Advisors LLC lifted its holdings in shares of Bank of America by 202.1% in the 3rd quarter. JFS Wealth Advisors LLC now owns 18,531 shares of the financial services provider’s stock valued at $735,000 after buying an additional 12,396 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock traded up $0.04 during mid-day trading on Thursday, hitting $42.35. 1,178,054 shares of the company’s stock traded hands, compared to its average volume of 38,317,227. Bank of America Co. has a one year low of $25.72 and a one year high of $44.44. The company has a market cap of $328.62 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 1.42 and a beta of 1.33. The firm has a 50 day moving average price of $40.44 and a 200 day moving average price of $39.73. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued 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 company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the firm earned $0.90 EPS. On average, equities analysts forecast that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Dividend Announcement

The business 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. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America declared that its board has approved a share buyback 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 purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BAC. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Tuesday, September 3rd. Cfra reaffirmed a “sell” rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $42.69.

Insider Activity at Bank of America

In related 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,078,718 shares of company stock valued at $4,548,920,425. Corporate insiders own 0.29% of the company’s stock.

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.