Greenleaf Trust Sells 475 Shares of Bank of America Co. (NYSE:BAC)

Greenleaf Trust lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 0.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 149,184 shares of the financial services provider’s stock after selling 475 shares during the period. Greenleaf Trust’s holdings in Bank of America were worth $5,920,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Fairway Wealth LLC bought a new position in shares of Bank of America during the 2nd quarter valued at about $27,000. Delos Wealth Advisors LLC lifted its position in shares of Bank of America by 402.2% in the first 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 boosted its stake in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares during the period. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $30,000. Finally, Clearstead Trust LLC increased its holdings in shares of Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 834 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Evercore ISI boosted their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Morgan Stanley boosted their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, BMO Capital Markets upped their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.69.

Bank of America Stock Down 0.1 %

BAC stock traded down $0.04 on Wednesday, reaching $42.26. 2,137,651 shares of the company traded hands, compared to its average volume of 38,617,191. The firm has a fifty day simple moving average of $40.04 and a 200-day simple moving average of $39.51. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The company has a market cap of $330.49 billion, a P/E ratio of 14.63, a price-to-earnings-growth 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 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period last year, the firm earned $0.90 EPS. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. Research analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued 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 (DPR) is 35.99%.

Bank of America declared that its Board of Directors has initiated a share repurchase program 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 repurchase up to 7.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 7,526,661 shares of Bank of America stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $41.70, for a total value of $313,861,763.70. Following the sale, the insider now directly owns 966,911,316 shares of the company’s stock, valued at approximately $40,320,201,877.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 7,526,661 shares of Bank of America stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $41.70, for a total value of $313,861,763.70. Following the completion of the transaction, the insider now owns 966,911,316 shares in the company, valued at approximately $40,320,201,877.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 132,863,500 shares of company stock valued at $5,363,830,468. 0.29% of the stock is currently owned by insiders.

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.