Forum Financial Management LP Cuts Stock Position in Bank of America Co. (NYSE:BAC)

Forum Financial Management LP cut its position in Bank of America Co. (NYSE:BAC) by 1.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 93,580 shares of the financial services provider’s stock after selling 1,302 shares during the quarter. Forum Financial Management LP’s holdings in Bank of America were worth $3,713,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of BAC. Delos Wealth Advisors LLC increased its position in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after buying an additional 547 shares in the last quarter. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 2nd quarter valued at approximately $27,000. POM Investment Strategies LLC boosted its stake in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC purchased a new stake in Bank of America during the 2nd quarter worth approximately $30,000. Finally, Clearstead Trust LLC increased its stake in Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 834 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BAC. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Morgan Stanley increased their price target on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods boosted their target price 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, October 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Bank of America Stock Performance

NYSE:BAC opened at $41.76 on Monday. The company has a market cap of $320.42 billion, a P/E ratio of 15.19, a P/E/G ratio of 1.42 and a beta of 1.32. Bank of America Co. has a twelve month low of $26.59 and a twelve month high of $44.44. The company’s 50-day moving average price is $40.54 and its 200-day moving average price is $39.85. 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 released 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. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.90 EPS. On average, sell-side analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.49%. Bank of America’s dividend payout ratio is presently 37.82%.

Bank of America announced that its board has authorized a stock buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of Bank of America stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the transaction, the insider now directly owns 937,246,053 shares of the company’s stock, valued at $36,843,142,343.43. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of Bank of America stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the sale, the insider now owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070. 0.29% of the stock is currently owned by insiders.

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.