Bank of America Co. (NYSE:BAC) Shares Acquired by FSM Wealth Advisors LLC

FSM Wealth Advisors LLC lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 19.0% in the third quarter, HoldingsChannel reports. The firm owned 7,077 shares of the financial services provider’s stock after acquiring an additional 1,131 shares during the period. FSM Wealth Advisors LLC’s holdings in Bank of America were worth $281,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Citizens Financial Group Inc. RI grew its stake in Bank of America by 27.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after acquiring an additional 20,916 shares during the period. Councilmark Asset Management LLC purchased a new position in shares of Bank of America during the 1st quarter valued at approximately $771,000. SteelPeak Wealth LLC increased its position in shares of Bank of America by 37.7% in the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after purchasing an additional 14,901 shares during the last quarter. Brookstone Capital Management raised its stake in Bank of America by 11.5% during the second quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider’s stock valued at $8,628,000 after buying an additional 20,309 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Bank of America by 39.7% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 9,941,700 shares of the financial services provider’s stock worth $395,381,000 after acquiring an additional 2,827,700 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE:BAC opened at $41.33 on Tuesday. 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 stock has a market cap of $317.12 billion, a P/E ratio of 15.03, a PEG ratio of 1.42 and a beta of 1.32. The company has a fifty day moving average price of $40.56 and a 200 day moving average price of $39.89. Bank of America Co. has a one year low of $27.34 and a one year 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 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 analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 EPS. Analysts anticipate that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America declared that its Board of Directors has authorized a share buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given 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 2.52%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction 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 represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred 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 in the company, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,067,817 shares of company stock worth $4,548,518,070. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on BAC. 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. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, September 3rd. Piper Sandler Companies upgraded 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 report on Tuesday, July 9th. Finally, Barclays lifted their price target on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

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.