Headinvest LLC Has $688,000 Stock Position in Bank of America Co. (NYSE:BAC)

Headinvest LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 5.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,333 shares of the financial services provider’s stock after selling 1,025 shares during the period. Headinvest LLC’s holdings in Bank of America were worth $688,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Accent Capital Management LLC boosted its holdings in Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after acquiring an additional 11,873 shares during the period. Summit Global Investments lifted its position in shares of Bank of America by 237.6% during the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the last quarter. Baker Avenue Asset Management LP boosted its stake in Bank of America by 125.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares during the period. Banco Santander S.A. grew its holdings in Bank of America by 173.7% in the 3rd quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock valued at $23,150,000 after buying an additional 370,275 shares during the last quarter. Finally, Westfield Capital Management Co. LP increased its position in Bank of America by 647.7% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,823,667 shares of the financial services provider’s stock worth $72,363,000 after buying an additional 1,579,767 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company increased their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Piper Sandler raised their target price on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Evercore ISI lifted their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $45.57.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $46.75 on Friday. The business has a fifty day moving average of $43.75 and a 200-day moving average of $41.27. The firm has a market cap of $358.71 billion, a PE ratio of 17.00, a price-to-earnings-growth ratio of 1.57 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 twelve month low of $30.45 and a twelve month high of $48.08.

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

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total value of $90,533,647.05. Following the transaction, the insider now owns 812,041,811 shares of the company’s stock, valued at approximately $31,888,881,917.97. This represents a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders have sold 56,945,263 shares of company stock valued at $2,300,620,438. 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.