Cigna Investments Inc. New Sells 664 Shares of Bank of America Co. (NYSE:BAC)

Cigna Investments Inc. New lessened its position in shares of Bank of America Co. (NYSE:BAC) by 0.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 70,423 shares of the financial services provider’s stock after selling 664 shares during the quarter. Bank of America makes up about 0.5% of Cigna Investments Inc. New’s investment portfolio, making the stock its 29th largest position. Cigna Investments Inc. New’s holdings in Bank of America were worth $2,794,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Delos Wealth Advisors LLC lifted its stake in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the period. Fairway Wealth LLC acquired a new stake in Bank of America in the 2nd quarter valued at $27,000. 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 during the period. Bbjs Financial Advisors LLC acquired a new position in Bank of America during the second quarter worth $30,000. Finally, Clearstead Trust LLC lifted its holdings in shares of Bank of America by 1,489.3% during the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 834 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BAC has been the topic of several analyst reports. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Evercore ISI upped their price objective on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Morgan Stanley lifted their target price on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Barclays increased their price target on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Bank of America Stock Down 1.2 %

BAC stock opened at $41.82 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business’s fifty day moving average price is $40.50 and its two-hundred day moving average price is $39.74. Bank of America Co. has a fifty-two week low of $25.72 and a fifty-two week high of $44.44. The stock has a market capitalization of $320.88 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping 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 business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the prior year, the business posted $0.90 earnings per share. The firm’s quarterly revenue was up .4% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America Dividend Announcement

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

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

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’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 sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was 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 of the company’s stock, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,078,718 shares of company stock worth $4,548,920,425 in the last ninety days. 0.29% of the stock is owned by 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.