Private Management Group Inc. Boosts Holdings in Bank of America Co. (NYSE:BAC)

Private Management Group Inc. increased its holdings in Bank of America Co. (NYSE:BAC) by 85.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 13,957 shares of the financial services provider’s stock after acquiring an additional 6,422 shares during the quarter. Private Management Group Inc.’s holdings in Bank of America were worth $554,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fairway Wealth LLC purchased a new position in shares of Bank of America in the second quarter worth approximately $27,000. Delos Wealth Advisors LLC boosted its holdings 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 worth $26,000 after buying an additional 547 shares during the last quarter. POM Investment Strategies LLC lifted its holdings 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 approximately $30,000. Finally, Clearstead Trust LLC lifted 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 purchasing an additional 834 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on BAC. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. Piper Sandler Companies raised shares of 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. Finally, Oppenheimer boosted their target price on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $42.69.

Bank of America Stock Down 0.1 %

Shares of BAC opened at $41.76 on Friday. Bank of America Co. has a 12-month low of $26.59 and a 12-month high of $44.44. The firm has a fifty day moving average price of $40.54 and a 200-day moving average price of $39.82. The firm has a market capitalization of $320.42 billion, a P/E ratio of 15.19, a P/E/G ratio of 1.42 and a beta of 1.32. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the prior year, the firm earned $0.90 earnings per share. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. Equities research analysts expect that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America declared that its Board of Directors has approved a stock buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the completion of the sale, the insider now directly owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the sale, the insider now directly owns 835,908,435 shares of the company’s stock, valued at approximately $34,088,345,979.30. 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 hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated 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 sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,078,718 shares of company stock valued at $4,548,920,425 over the last three months. 0.29% of the stock is owned by company insiders.

About Bank of America

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.