Old North State Trust LLC Invests $202,000 in Bank of America Co. (NYSE:BAC)

Old North State Trust LLC bought a new stake in shares of Bank of America Co. (NYSE:BAC) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 5,091 shares of the financial services provider’s stock, valued at approximately $202,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Tidal Investments LLC lifted its holdings in shares of Bank of America by 4.5% during the third quarter. Tidal Investments LLC now owns 294,896 shares of the financial services provider’s stock valued at $11,701,000 after acquiring an additional 12,748 shares during the period. Destination Wealth Management grew its stake in Bank of America by 58.0% during the third quarter. Destination Wealth Management now owns 11,444 shares of the financial services provider’s stock worth $454,000 after buying an additional 4,202 shares during the last quarter. Arvest Bank Trust Division acquired a new stake in shares of Bank of America during the third quarter worth approximately $18,568,000. World Investment Advisors LLC boosted its holdings in shares of Bank of America by 86.7% in the 3rd quarter. World Investment Advisors LLC now owns 116,951 shares of the financial services provider’s stock worth $4,641,000 after acquiring an additional 54,302 shares in the last quarter. Finally, Pine Valley Investments Ltd Liability Co grew its position in Bank of America by 2.2% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 16,579 shares of the financial services provider’s stock worth $658,000 after acquiring an additional 356 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on BAC shares. Morgan Stanley lowered Bank of America from an “overweight” rating to an “equal weight” rating and boosted their price objective for the stock from $48.00 to $55.00 in a research note on Monday. Barclays raised their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Piper Sandler upped their price objective on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $45.92.

Bank of America Stock Performance

NYSE BAC opened at $46.08 on Friday. The firm has a 50-day moving average price of $44.27 and a two-hundred day moving average price of $41.43. Bank of America Co. has a 12-month low of $30.63 and a 12-month high of $48.08. The company has a market capitalization of $353.57 billion, a P/E ratio of 16.76, a P/E/G ratio of 1.56 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the company posted $0.90 EPS. The company’s revenue was up .4% compared to the same quarter last year. Analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.26%. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $39.58, for a total value of $156,981,325.24. Following the completion of the transaction, the insider now directly owns 854,214,328 shares in the company, valued at approximately $33,809,803,102.24. This represents a 0.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders have sold 55,223,897 shares of company stock valued at $2,232,505,985. 0.29% of the stock is currently owned by corporate insiders.

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.