Tsfg LLC Acquires 346 Shares of Bank of America Co. (NYSE:BAC)

Tsfg LLC grew its stake in Bank of America Co. (NYSE:BAC) by 5.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,223 shares of the financial services provider’s stock after buying an additional 346 shares during the quarter. Tsfg LLC’s holdings in Bank of America were worth $287,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in BAC. Fairway Wealth LLC bought a new position in Bank of America in the second quarter valued at $27,000. Delos Wealth Advisors LLC boosted its holdings in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after buying an additional 547 shares during the last quarter. POM Investment Strategies LLC grew its stake in shares of 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 buying an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC acquired a new position in Bank of America during the second quarter worth $30,000. Finally, Northwest Investment Counselors LLC bought a new stake in Bank of America during the first quarter worth $33,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Morgan Stanley lifted their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday. Jefferies Financial Group raised 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. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Oppenheimer boosted 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. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.37.

Bank of America Stock Performance

NYSE:BAC opened at $42.14 on Wednesday. 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 firm has a market capitalization of $329.55 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The stock’s 50-day simple moving average is $39.62 and its 200 day simple moving average is $39.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the business earned $0.90 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. On average, analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a dividend of $0.26 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s payout ratio is 35.99%.

Bank of America announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of Bank of America stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $42.41, for a total transaction of $269,261,980.61. Following the sale, the insider now directly owns 992,612,058 shares in the company, valued at $42,096,677,379.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $42.41, for a total transaction of $269,261,980.61. Following the completion of the sale, the insider now directly owns 992,612,058 shares in the company, valued at approximately $42,096,677,379.78. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 148,230,389 shares of company stock valued at $6,023,064,684 over the last quarter. 0.29% of the stock is owned by company insiders.

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.