High Net Worth Advisory Group LLC Sells 1,339 Shares of Bank of America Co. (NYSE:BAC)

High Net Worth Advisory Group LLC reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 7.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,721 shares of the financial services provider’s stock after selling 1,339 shares during the quarter. High Net Worth Advisory Group LLC’s holdings in Bank of America were worth $664,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after buying an additional 36,124,363 shares in the last quarter. Legal & General Group Plc lifted its stake in Bank of America by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after purchasing an additional 895,884 shares in the last quarter. Capital World Investors lifted its stake in Bank of America by 0.4% in the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after purchasing an additional 165,070 shares in the last quarter. Pzena Investment Management LLC lifted its stake in Bank of America by 4.7% in the 1st quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock worth $813,983,000 after purchasing an additional 954,885 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its stake in Bank of America by 23.6% in the 2nd quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock worth $646,693,000 after purchasing an additional 3,109,197 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 5.0 %

Shares of BAC opened at $41.95 on Monday. The firm has a fifty day simple moving average of $39.41 and a two-hundred day simple moving average of $39.27. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The stock has a market capitalization of $328.06 billion, a P/E ratio of 14.52, a PEG ratio of 1.39 and a beta of 1.33. 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 (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. Bank of America’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the business posted $0.88 earnings per share. On average, research analysts anticipate that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were issued a $0.26 dividend. The ex-dividend date was Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.48%. Bank of America’s dividend payout ratio is 35.99%.

Bank of America announced that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have issued reports on BAC. Morgan Stanley lowered their target price on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $48.00 target price (up from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Cfra reiterated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Barclays raised their price objective on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Finally, 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 research report on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.27.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the business’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total transaction of $160,649,311.50. Following the transaction, the insider now owns 776,614,511 shares in the company, valued at $31,173,306,471.54. 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, insider Lindsay D. Hans sold 10,901 shares of the company’s 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 directly owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of Bank of America stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total transaction of $160,649,311.50. Following the transaction, the insider now directly owns 776,614,511 shares of the company’s stock, valued at approximately $31,173,306,471.54. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 160,921,082 shares of company stock valued at $6,582,343,525. Company insiders own 0.29% of the company’s stock.

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.