Franklin Street Advisors Inc. NC Has $454,000 Position in Bank of America Co. (NYSE:BAC)

Franklin Street Advisors Inc. NC boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 22.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,432 shares of the financial services provider’s stock after buying an additional 2,089 shares during the period. Franklin Street Advisors Inc. NC’s holdings in Bank of America were worth $454,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Delos Wealth Advisors LLC raised its stake in shares of Bank of America by 402.2% in the first 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 during the period. Fairway Wealth LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at $27,000. Livelsberger Financial Advisory purchased a new stake in Bank of America in the fourth quarter valued at approximately $28,000. POM Investment Strategies LLC grew 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 buying an additional 646 shares in the last quarter. Finally, Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the 2nd quarter worth $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the firm’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total transaction of $160,649,311.50. Following the sale, the insider now directly owns 776,614,511 shares in the company, valued at $31,173,306,471.54. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $40.14, for a total value of $160,649,311.50. Following the transaction, the insider now directly owns 776,614,511 shares of the company’s stock, valued at approximately $31,173,306,471.54. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares in the company, valued at approximately $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. Insiders sold a total of 160,921,082 shares of company stock worth $6,582,343,525 over the last three months. 0.29% of the stock is currently owned by company insiders.

Analyst Ratings Changes

BAC has been the topic of a number of research reports. StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a report on Tuesday, September 3rd. Evercore ISI lifted their target price on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Finally, Jefferies Financial Group upped their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.27.

Bank of America Stock Performance

BAC traded up $1.56 during mid-day trading on Friday, reaching $41.53. 9,431,607 shares of the company traded hands, compared to its average volume of 38,655,523. The stock has a market capitalization of $322.26 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company’s fifty day moving average price is $39.32 and its 200-day moving average price is $39.21.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. During the same quarter in the prior year, the firm earned $0.88 EPS. The business’s revenue for the quarter was up .7% compared to the same quarter last year. On average, sell-side analysts expect that Bank of America Co. will post 3.25 EPS for the current year.

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

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.50%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6th. Bank of America’s dividend payout ratio is currently 36.62%.

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.