Occidental Asset Management LLC Purchases 1,183 Shares of Bank of America Co. (NYSE:BAC)

Occidental Asset Management LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 13.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 9,787 shares of the financial services provider’s stock after acquiring an additional 1,183 shares during the quarter. Occidental Asset Management LLC’s holdings in Bank of America were worth $388,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Scarborough Advisors LLC bought a new stake in Bank of America during the fourth quarter worth approximately $65,000. Confluence Investment Management LLC purchased a new position in shares of Bank of America in the 1st quarter worth approximately $409,000. Insight Wealth Strategies LLC bought a new position in shares of Bank of America during the 1st quarter valued at approximately $286,000. Los Angeles Capital Management LLC lifted its position in Bank of America by 10.3% in the first quarter. Los Angeles Capital Management LLC now owns 1,334,286 shares of the financial services provider’s stock worth $50,596,000 after buying an additional 124,810 shares during the last quarter. Finally, Ferguson Wellman Capital Management Inc. lifted its holdings in shares of Bank of America by 11.6% in the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 15,089 shares of the financial services provider’s stock worth $572,000 after acquiring an additional 1,565 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Cfra restated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Finally, Evercore ISI boosted their price target on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $42.27.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the sale, the insider now directly owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the sale, the insider now directly owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s 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 transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $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 quarter, insiders have sold 148,230,389 shares of company stock worth $6,023,064,684. 0.29% of the stock is owned by corporate insiders.

Bank of America Price Performance

NYSE BAC opened at $42.14 on Wednesday. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The firm’s fifty day simple moving average is $39.62 and its two-hundred day simple moving average is $39.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $329.55 billion, a P/E ratio of 14.58, a P/E/G ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.81. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.90 EPS. Analysts forecast that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend was Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is currently 35.99%.

Bank of America declared that its Board of Directors has initiated a share 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 purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

About Bank of America

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.