Bank of America Co. (NYSE:BAC) Shares Sold by Piscataqua Savings Bank

Piscataqua Savings Bank reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 1.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 56,505 shares of the financial services provider’s stock after selling 860 shares during the period. Bank of America makes up approximately 1.9% of Piscataqua Savings Bank’s investment portfolio, making the stock its 11th biggest holding. Piscataqua Savings Bank’s holdings in Bank of America were worth $2,242,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BAC. McAdam LLC grew its holdings in shares of Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 238 shares in the last quarter. BTC Capital Management Inc. grew its stake in shares of Bank of America by 1.2% in the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after acquiring an additional 248 shares in the last quarter. Central Bank & Trust Co. grew its stake in shares of Bank of America by 15.1% in the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 248 shares in the last quarter. SNS Financial Group LLC increased its position in shares of Bank of America by 3.3% during the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after acquiring an additional 248 shares during the period. Finally, Verdence Capital Advisors LLC raised its stake in shares of Bank of America by 0.3% in the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock valued at $3,742,000 after acquiring an additional 251 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC opened at $42.14 on Wednesday. The company’s 50 day simple moving average is $39.62 and its 200-day simple moving average is $39.33. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The firm has a market cap of $329.55 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. 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 posted its quarterly earnings data 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. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the business posted $0.90 earnings per share. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. As a group, equities analysts predict that Bank of America Co. will post 3.25 EPS for the current year.

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

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.47%. Bank of America’s dividend payout ratio is currently 35.99%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 148,230,389 shares of company stock valued at $6,023,064,684. 0.29% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Evercore ISI boosted their target price on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Royal Bank of Canada restated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. 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. Oppenheimer boosted their price target on shares of Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Finally, Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $42.27.

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.