Kavar Capital Partners Group LLC Lowers Position in Bank of America Co. (NYSE:BAC)

Kavar Capital Partners Group LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 7.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,925 shares of the financial services provider’s stock after selling 753 shares during the period. Kavar Capital Partners Group LLC’s holdings in Bank of America were worth $394,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Fairway Wealth LLC purchased a new position in Bank of America during the second quarter valued at $27,000. Delos Wealth Advisors LLC lifted its position in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares in the last quarter. POM Investment Strategies LLC lifted its position in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC purchased a new position in Bank of America during the second quarter valued at $30,000. Finally, Clearstead Trust LLC raised its holdings in Bank of America by 1,489.3% during the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 834 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $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 90 days, insiders have sold 125,336,839 shares of company stock valued at $5,049,968,704. 0.29% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on BAC shares. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Morgan Stanley raised their price target on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods raised their price target on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Bank of America Trading Down 1.8 %

Shares of BAC stock opened at $41.89 on Friday. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock’s 50 day simple moving average is $40.24 and its two-hundred day simple moving average is $39.59. The company has a market cap of $325.05 billion, a PE ratio of 15.23, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results 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. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 earnings per share. Research analysts predict that Bank of America Co. will post 3.26 earnings per share for the current year.

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

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.48%. Bank of America’s dividend payout ratio is 37.82%.

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.