Bank of America Co. (NYSE:BAC) Shares Sold by IFG Advisors LLC

IFG Advisors LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 2.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 11,753 shares of the financial services provider’s stock after selling 251 shares during the quarter. IFG Advisors LLC’s holdings in Bank of America were worth $466,000 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 the business. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the second quarter worth about $27,000. Delos Wealth Advisors LLC boosted 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 worth $26,000 after acquiring an additional 547 shares during the period. POM Investment Strategies LLC grew its position in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America during the second quarter valued at approximately $30,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the first quarter worth $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $42.39, for a total value of $229,779,191.61. Following the completion of the transaction, the insider now directly owns 980,061,561 shares of the company’s stock, valued at $41,544,809,570.79. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the company’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 value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 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 represents a 0.00 % decrease in their position. 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 Trading Down 0.6 %

Shares of NYSE BAC opened at $42.33 on Friday. The company has a market cap of $331.04 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The stock’s 50 day simple moving average is $39.89 and its 200 day simple moving average is $39.41. 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 Co. has a 12-month low of $24.96 and a 12-month high of $44.44.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period last year, the business posted $0.90 earnings per share. The firm’s quarterly revenue was up .4% compared to the same quarter last year. Equities research analysts expect that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BAC. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Evercore ISI boosted their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a report on Friday. Cfra restated a “sell” rating and set a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. Finally, Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Bank of America Company 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.