Kennedy Investment Group Cuts Stock Position in Bank of America Co. (NYSE:BAC)

Kennedy Investment Group trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 1.6% in the third quarter, HoldingsChannel.com reports. The fund owned 54,964 shares of the financial services provider’s stock after selling 896 shares during the period. Bank of America accounts for 1.0% of Kennedy Investment Group’s holdings, making the stock its 25th largest position. Kennedy Investment Group’s holdings in Bank of America were worth $2,181,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the second quarter worth $27,000. Delos Wealth Advisors LLC increased its holdings in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the period. POM Investment Strategies LLC raised its position in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America in the 2nd quarter valued at about $30,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the first quarter worth about $33,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Morgan Stanley raised their target price on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Jefferies Financial Group boosted their target price 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. Oppenheimer raised their price target on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. One research 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $42.69.

Insiders Place Their Bets

In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the 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 transaction, 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 legal filing with the SEC, which can be accessed through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares in the company, valued at $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 quarter, insiders sold 138,284,099 shares of company stock worth $5,593,609,660. 0.29% of the stock is owned by insiders.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $0.34 on Monday, reaching $41.98. The company’s stock had a trading volume of 13,611,449 shares, compared to its average volume of 38,740,430. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The stock’s 50-day moving average is $39.89 and its two-hundred day moving average is $39.44. The stock has a market capitalization of $328.30 billion, a P/E ratio of 14.50, a PEG ratio of 1.39 and a beta of 1.33.

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, topping analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. 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. As a group, sell-side analysts forecast that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America Announces Dividend

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

Bank of America announced that its Board of Directors has approved a stock buyback 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 usually a sign that the company’s leadership believes its shares are undervalued.

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.