Bank of America Co. (NYSE:BAC) Stock Holdings Reduced by First Dallas Securities Inc.

First Dallas Securities Inc. reduced its position in Bank of America Co. (NYSE:BAC) by 7.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,079 shares of the financial services provider’s stock after selling 4,098 shares during the period. First Dallas Securities Inc.’s holdings in Bank of America were worth $1,987,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. Geode Capital Management LLC lifted its stake in Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after acquiring an additional 1,700,141 shares during the last quarter. MidWestOne Financial Group Inc. boosted its holdings in Bank of America by 7.6% in the third quarter. MidWestOne Financial Group Inc. now owns 19,714 shares of the financial services provider’s stock worth $782,000 after purchasing an additional 1,387 shares in the last quarter. 3Chopt Investment Partners LLC raised its holdings in Bank of America by 9.1% during the third quarter. 3Chopt Investment Partners LLC now owns 40,377 shares of the financial services provider’s stock valued at $1,602,000 after buying an additional 3,369 shares in the last quarter. Brophy Wealth Management LLC bought a new stake in shares of Bank of America during the 3rd quarter worth about $434,000. Finally, Vestcor Inc increased its holdings in shares of Bank of America by 2.5% during the 3rd quarter. Vestcor Inc now owns 177,009 shares of the financial services provider’s stock valued at $7,024,000 after acquiring an additional 4,300 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on BAC shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Oppenheimer raised their price objective on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Wells Fargo & Company upped their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Barclays raised their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Finally, Piper Sandler upped their price objective on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $45.92.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 55,223,897 shares of company stock valued at $2,232,505,985. Company insiders own 0.29% of the company’s stock.

Bank of America Trading Down 1.8 %

Shares of NYSE BAC opened at $45.93 on Tuesday. The company’s 50 day simple moving average is $43.87 and its 200 day simple moving average is $41.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a fifty-two week low of $30.45 and a fifty-two week high of $48.08. The firm has a market capitalization of $352.42 billion, a P/E ratio of 16.70, a P/E/G ratio of 1.58 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 earnings per share. On average, analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

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 issued a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.26%. Bank of America’s dividend payout ratio is presently 37.82%.

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.