Spectrum Financial Alliance Ltd LLC Raises Stake in Bank of America Co. (NYSE:BAC)

Spectrum Financial Alliance Ltd LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 0.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,146,884 shares of the financial services provider’s stock after acquiring an additional 9,531 shares during the quarter. Bank of America accounts for 16.3% of Spectrum Financial Alliance Ltd LLC’s portfolio, making the stock its largest holding. Spectrum Financial Alliance Ltd LLC’s holdings in Bank of America were worth $45,508,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. RFG Advisory LLC increased its stake in Bank of America by 2.2% during the first quarter. RFG Advisory LLC now owns 18,438 shares of the financial services provider’s stock valued at $699,000 after acquiring an additional 402 shares during the period. Cooper Financial Group raised its stake in shares of Bank of America by 28.1% in the first quarter. Cooper Financial Group now owns 9,287 shares of the financial services provider’s stock valued at $352,000 after purchasing an additional 2,038 shares in the last quarter. Royal Fund Management LLC lifted its position in Bank of America by 3.7% in the first quarter. Royal Fund Management LLC now owns 9,452 shares of the financial services provider’s stock worth $358,000 after purchasing an additional 334 shares during the period. Northwest Investment Counselors LLC acquired a new stake in Bank of America during the first quarter worth $33,000. Finally, AdvisorNet Financial Inc increased its holdings in Bank of America by 10.5% in the 1st quarter. AdvisorNet Financial Inc now owns 21,511 shares of the financial services provider’s stock valued at $816,000 after buying an additional 2,039 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on BAC. Jefferies Financial Group raised their price objective on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Morgan Stanley raised their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday. One equities 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Bank of America Price Performance

Shares of BAC stock opened at $42.32 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The firm has a market cap of $330.96 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.39 and a beta of 1.33. The stock has a 50-day moving average price of $39.89 and a 200 day moving average price of $39.43.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the previous year, the firm posted $0.90 earnings per share. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. Research analysts expect that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. Bank of America’s dividend payout ratio is currently 35.99%.

Bank of America announced that its Board of Directors has initiated a stock repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 144,633,120 shares of company stock valued at $5,862,871,640 over the last three months. Company insiders own 0.29% of the company’s stock.

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.