Spirepoint Private Client LLC Takes Position in Bank of America Co. (NYSE:BAC)

Spirepoint Private Client LLC bought a new position in shares of Bank of America Co. (NYSE:BAC) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 16,785 shares of the financial services provider’s stock, valued at approximately $636,000.

Several other institutional investors and hedge funds have also made changes to their positions in BAC. Delos Wealth Advisors LLC raised its position in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares in the last quarter. Livelsberger Financial Advisory bought a new stake in shares of Bank of America in the fourth quarter worth $28,000. Criterion Capital Advisors LLC acquired a new stake in Bank of America in the fourth quarter valued at $32,000. Northwest Investment Counselors LLC bought a new position in Bank of America during the 1st quarter valued at $33,000. Finally, Clearstead Trust LLC grew its holdings 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 worth $34,000 after acquiring an additional 834 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

BAC stock traded down $0.11 during trading on Friday, reaching $42.90. 43,902,967 shares of the company’s stock were exchanged, compared to its average volume of 37,118,136. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The firm has a market cap of $335.49 billion, a PE ratio of 14.84, a P/E/G ratio of 1.63 and a beta of 1.35. The company’s fifty day moving average price is $40.12 and its 200-day moving average price is $36.96. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. Bank of America’s revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.88 EPS. On average, research analysts expect that Bank of America Co. will post 3.24 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.24%. Bank of America’s dividend payout ratio is presently 33.22%.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 24,984,363 shares of company stock valued at $1,089,448,152 over the last quarter. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent analyst reports. Royal Bank of Canada upped their target price on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. HSBC reiterated a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, Morgan Stanley lifted their price objective on shares of Bank of America from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $41.92.

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.