B.O.S.S. Retirement Advisors LLC Increases Holdings in Bank of America Co. (NYSE:BAC)

B.O.S.S. Retirement Advisors LLC boosted its stake in Bank of America Co. (NYSE:BAC) by 13.6% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,628 shares of the financial services provider’s stock after buying an additional 1,631 shares during the quarter. B.O.S.S. Retirement Advisors LLC’s holdings in Bank of America were worth $541,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BAC. Delos Wealth Advisors LLC raised its holdings in Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the last quarter. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth $27,000. POM Investment Strategies LLC increased its holdings in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth $30,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the 1st quarter worth $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BAC. Morgan Stanley increased 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. Oppenheimer increased their price target on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $42.62.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $42.39, for a total transaction of $229,779,191.61. Following the transaction, the insider now owns 980,061,561 shares in the company, valued at $41,544,809,570.79. This trade 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 related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction that occurred on 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 approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $42.39, for a total transaction of $229,779,191.61. Following the sale, the insider now owns 980,061,561 shares of the company’s stock, valued at $41,544,809,570.79. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 144,633,120 shares of company stock worth $5,862,871,640. 0.29% of the stock is owned by company insiders.

Bank of America Price Performance

Shares of NYSE:BAC opened at $42.61 on Friday. The firm’s 50 day moving average is $39.81 and its two-hundred day moving average is $39.38. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The firm has a market capitalization of $333.23 billion, a P/E ratio of 14.74, a PEG 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 announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate 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 quarter last year, the business earned $0.90 earnings per share. Bank of America’s revenue was up .4% compared to the same quarter last year. Analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.44%. Bank of America’s payout ratio is currently 35.99%.

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

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.