InTrack Investment Management Inc Cuts Position in Bank of America Co. (NYSE:BAC)

InTrack Investment Management Inc lessened its holdings in Bank of America Co. (NYSE:BAC) by 4.4% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,443 shares of the financial services provider’s stock after selling 1,632 shares during the period. InTrack Investment Management Inc’s holdings in Bank of America were worth $1,406,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Clarity Capital Partners LLC purchased a new position in Bank of America in the fourth quarter valued at approximately $258,000. Able Wealth Management LLC purchased a new position in Bank of America in the fourth quarter valued at approximately $46,000. Novak & Powell Financial Services Inc. purchased a new position in Bank of America in the fourth quarter valued at approximately $279,000. American Trust purchased a new position in Bank of America in the fourth quarter valued at approximately $244,000. Finally, Scarborough Advisors LLC purchased a new position in Bank of America in the fourth quarter valued at approximately $236,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 5.0 %

Shares of NYSE:BAC opened at $41.95 on Friday. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The firm has a fifty day moving average of $39.41 and a 200 day moving average of $39.26. The firm has a market capitalization of $328.06 billion, a PE ratio of 14.52, a price-to-earnings-growth ratio of 1.39 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 (NYSE:BAC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. During the same period in the previous year, the business earned $0.88 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America Increases Dividend

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

Bank of America announced that its board has authorized a share buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday. Oppenheimer boosted their target price on shares of Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Finally, Barclays boosted their target price on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

Insider Buying and Selling at Bank of America

In other Bank of America 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 transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. 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 160,921,082 shares of company stock worth $6,582,343,525 over the last three months. Company insiders own 0.29% of the company’s stock.

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.