Wedmont Private Capital Purchases 7,708 Shares of Bank of America Co. (NYSE:BAC)

Wedmont Private Capital increased its position in shares of Bank of America Co. (NYSE:BAC) by 13.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 66,232 shares of the financial services provider’s stock after purchasing an additional 7,708 shares during the period. Wedmont Private Capital’s holdings in Bank of America were worth $2,988,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Fairway Wealth LLC purchased a new stake in Bank of America in the 2nd quarter valued at about $27,000. Kennebec Savings Bank acquired a new position in shares of Bank of America during the third quarter worth $29,000. Highline Wealth Partners LLC lifted its holdings in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc boosted its position in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new position in Bank of America during the 3rd quarter worth $45,000. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction dated 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 in the company, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.29% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on BAC. Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $48.00 to $55.00 in a research note on Monday, December 9th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Piper Sandler upped their target price on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Stock Down 0.3 %

Shares of BAC traded down $0.15 during mid-day trading on Monday, hitting $44.96. 15,769,699 shares of the company’s stock were exchanged, compared to its average volume of 30,921,982. The stock’s 50-day moving average is $45.53 and its 200-day moving average is $42.22. The company has a market cap of $344.97 billion, a price-to-earnings ratio of 16.35, a P/E/G ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a fifty-two week low of $31.27 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS 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 company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the firm posted $0.90 EPS. The company’s quarterly revenue was up .4% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. Bank of America’s dividend payout ratio is presently 37.82%.

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.