Councilmark Asset Management LLC Invests $771,000 in Bank of America Co. (NYSE:BAC)

Councilmark Asset Management LLC bought a new stake in shares of Bank of America Co. (NYSE:BAC) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 20,333 shares of the financial services provider’s stock, valued at approximately $771,000.

A number of other institutional investors have also recently added to or reduced their stakes in BAC. Norges Bank purchased a new stake in shares of Bank of America in the fourth quarter worth about $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after acquiring an additional 29,198,846 shares during the period. Alphinity Investment Management Pty Ltd grew its position in Bank of America by 1,071.8% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after acquiring an additional 12,880,492 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after purchasing an additional 9,879,524 shares during the period. Finally, Fisher Asset Management LLC lifted its position in shares of Bank of America by 17.1% during the fourth quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock worth $1,267,820,000 after purchasing an additional 5,488,790 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $0.11 during trading on Friday, reaching $42.90. 43,902,967 shares of the company’s stock traded hands, compared to its average volume of 37,118,136. The stock has a market capitalization of $335.49 billion, a P/E ratio of 14.84, a price-to-earnings-growth ratio of 1.63 and a beta of 1.35. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a 50 day moving average of $40.12 and a 200-day moving average of $36.96. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.79.

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

Bank of America Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Oppenheimer raised their price target on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. BMO Capital Markets raised their target price on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $48.00 price target (up previously from $46.00) on shares of Bank of America in a research note on Wednesday. Jefferies Financial Group raised their price objective on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Finally, Piper Sandler Companies raised 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 report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $41.92.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have sold 24,984,363 shares of company stock worth $1,089,448,152. 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.