Occidental Asset Management LLC Increases Stock Position in Bank of America Co. (NYSE:BAC)

Occidental Asset Management LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 13.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,787 shares of the financial services provider’s stock after purchasing an additional 1,183 shares during the quarter. Occidental Asset Management LLC’s holdings in Bank of America were worth $388,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. McAdam LLC raised its stake in Bank of America by 2.1% during the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after buying an additional 238 shares during the last quarter. BTC Capital Management Inc. increased its holdings in shares of Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after acquiring an additional 248 shares in the last quarter. Central Bank & Trust Co. raised its position in shares of Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 248 shares during the last quarter. SNS Financial Group LLC boosted its stake in Bank of America by 3.3% in the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 248 shares in the last quarter. Finally, Verdence Capital Advisors LLC grew its position in Bank of America by 0.3% during the 2nd quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock valued at $3,742,000 after purchasing an additional 251 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Transactions at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction 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 transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. 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. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 148,230,389 shares of company stock valued at $6,023,064,684 over the last three months. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BAC. Morgan Stanley dropped their target price on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. Oppenheimer lifted their target price on Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Finally, Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.27.

Bank of America Price Performance

Shares of Bank of America stock opened at $42.14 on Wednesday. The stock has a market cap of $329.55 billion, a P/E ratio of 14.58, a P/E/G ratio of 1.39 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock’s fifty day moving average is $39.62 and its 200 day moving average is $39.33. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, hitting the consensus estimate of $0.81. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter last year, the company earned $0.90 earnings per share. Sell-side analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America announced that its Board of Directors has approved a stock repurchase 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 reacquire up to 7.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.47%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is currently 35.99%.

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.