Bank of America Co. (NYSE:BAC) Shares Sold by Constitution Capital LLC

Constitution Capital LLC reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 22.1% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 6,700 shares of the financial services provider’s stock after selling 1,900 shares during the period. Constitution Capital LLC’s holdings in Bank of America were worth $266,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of BAC. Stablepoint Partners LLC raised its position in Bank of America by 10.5% during the third quarter. Stablepoint Partners LLC now owns 8,508 shares of the financial services provider’s stock valued at $338,000 after acquiring an additional 811 shares in the last quarter. Sapient Capital LLC increased its holdings in Bank of America by 1.7% in the third quarter. Sapient Capital LLC now owns 1,609,942 shares of the financial services provider’s stock valued at $63,883,000 after buying an additional 26,276 shares in the last quarter. ORG Wealth Partners LLC acquired a new position in shares of Bank of America in the third quarter worth about $80,000. Procyon Advisors LLC boosted its stake in shares of Bank of America by 0.8% during the 3rd quarter. Procyon Advisors LLC now owns 97,624 shares of the financial services provider’s stock worth $3,872,000 after acquiring an additional 760 shares in the last quarter. Finally, Paladin Wealth LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth about $549,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock remained flat at $41.95 during mid-day trading on Monday. The company had a trading volume of 3,377,009 shares, compared to its average volume of 38,685,574. The business has a 50-day moving average price of $39.41 and a two-hundred day moving average price of $39.27. 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 firm has a market cap of $328.06 billion, a price-to-earnings ratio of 14.52, a PEG 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.

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

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a $0.26 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.48%. The ex-dividend date was Friday, September 6th. Bank of America’s dividend payout ratio is currently 35.99%.

Bank of America announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on BAC shares. Morgan Stanley reduced their price target on Bank of America from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Monday, September 30th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. BMO Capital Markets lifted their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Tuesday, September 3rd. Finally, StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the transaction, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on 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 sale, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 160,921,082 shares of company stock valued at $6,582,343,525. Company insiders own 0.29% of the company’s stock.

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.