Bank of America Co. (NYSE:BAC) Shares Bought by CarsonAllaria Wealth Management Ltd.

CarsonAllaria Wealth Management Ltd. raised its stake in Bank of America Co. (NYSE:BAC) by 16.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,810 shares of the financial services provider’s stock after purchasing an additional 399 shares during the quarter. CarsonAllaria Wealth Management Ltd.’s holdings in Bank of America were worth $112,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Koss Olinger Consulting LLC lifted its holdings in shares of Bank of America by 31.1% during the 3rd quarter. Koss Olinger Consulting LLC now owns 7,726 shares of the financial services provider’s stock valued at $307,000 after acquiring an additional 1,835 shares in the last quarter. Brown Lisle Cummings Inc. lifted its holdings in shares of Bank of America by 1.4% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 36,822 shares of the financial services provider’s stock valued at $1,461,000 after acquiring an additional 504 shares in the last quarter. Godsey & Gibb Inc. lifted its holdings in shares of Bank of America by 13.2% during the 3rd quarter. Godsey & Gibb Inc. now owns 2,737 shares of the financial services provider’s stock valued at $109,000 after acquiring an additional 319 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Bank of America by 1.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,121,668 shares of the financial services provider’s stock valued at $84,188,000 after acquiring an additional 32,949 shares in the last quarter. Finally, Vest Financial LLC increased its stake in Bank of America by 23.7% during the 3rd quarter. Vest Financial LLC now owns 695,724 shares of the financial services provider’s stock worth $27,606,000 after buying an additional 133,475 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 1.0 %

Shares of BAC stock traded down $0.42 during trading hours on Monday, reaching $41.90. 10,464,727 shares of the stock traded hands, compared to its average volume of 38,724,926. The firm has a market capitalization of $327.67 billion, a PE ratio of 14.59, a PEG ratio of 1.39 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 business has a fifty day moving average price of $39.89 and a 200 day moving average price of $39.44. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share 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 13.28% and a return on equity of 10.56%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 EPS. On average, equities research analysts forecast that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is 35.99%.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Barclays lifted their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Cfra reissued a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft raised 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 report on Tuesday, September 3rd. Finally, Oppenheimer boosted their price objective on shares of Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.69.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the completion of the sale, the insider now directly owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the sale, the insider now owns 835,908,435 shares in the company, valued at $34,088,345,979.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 138,284,099 shares of company stock valued at $5,593,609,660. Company 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.