Bank of America Co. (NYSE:BAC) Shares Purchased by Whitener Capital Management Inc.

Whitener Capital Management Inc. boosted its position in Bank of America Co. (NYSE:BAC) by 2.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,595 shares of the financial services provider’s stock after acquiring an additional 500 shares during the quarter. Whitener Capital Management Inc.’s holdings in Bank of America were worth $698,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC raised its holdings in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares in the last quarter. Fairway Wealth LLC acquired a new stake in Bank of America in the second quarter valued at approximately $27,000. POM Investment Strategies LLC raised its holdings in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the second quarter valued at approximately $30,000. Finally, Clearstead Trust LLC increased its stake in Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 834 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on BAC. Evercore ISI increased their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Barclays increased their price target on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Cfra reiterated a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. BMO Capital Markets increased their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Finally, Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.69.

Bank of America Stock Performance

NYSE:BAC opened at $41.76 on Friday. The firm’s fifty day moving average price is $40.54 and its 200 day moving average price is $39.82. Bank of America Co. has a 1-year low of $26.59 and a 1-year high of $44.44. 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 firm has a market cap of $320.42 billion, a price-to-earnings ratio of 15.19, a price-to-earnings-growth ratio of 1.42 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the firm posted $0.90 EPS. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. On average, sell-side analysts expect that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Dividend Announcement

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 issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

Bank of America declared that its board has initiated a stock repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on 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 completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on 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 transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at $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 quarter, insiders sold 113,078,718 shares of company stock valued at $4,548,920,425. 0.29% of the stock is owned by company 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.