Bank of America Co. (NYSE:BAC) Shares Bought by JGP Wealth Management LLC

JGP Wealth Management LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 9.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,561 shares of the financial services provider’s stock after buying an additional 1,010 shares during the quarter. JGP Wealth Management LLC’s holdings in Bank of America were worth $459,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of BAC. Delos Wealth Advisors LLC raised its holdings in shares of 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 valued at $26,000 after acquiring an additional 547 shares during the last quarter. Fairway Wealth LLC acquired a new position in shares of Bank of America during the second quarter valued at approximately $27,000. Livelsberger Financial Advisory acquired a new position in shares of Bank of America during the fourth quarter valued at approximately $28,000. POM Investment Strategies LLC raised its holdings in shares of Bank of America by 839.0% during 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 last quarter. Finally, Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the second quarter valued at approximately $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BAC. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Barclays lifted their price objective on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. BMO Capital Markets lifted their price objective on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Finally, Morgan Stanley reduced their price objective on Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s 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 completion of the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 160,921,082 shares of company stock valued at $6,582,343,525 in the last three months. 0.29% of the stock is owned by corporate insiders.

Bank of America Trading Up 5.0 %

Shares of NYSE BAC opened at $41.95 on Friday. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a fifty day simple moving average of $39.41 and a 200-day simple moving average of $39.25. The stock has a market capitalization of $325.51 billion, a PE ratio of 14.77, a PEG ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the previous year, the firm posted $0.88 EPS. Bank of America’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts forecast that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.48%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s payout ratio is presently 36.62%.

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

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.