Buffington Mohr McNeal Has $7.75 Million Stake in Bank of America Co. (NYSE:BAC)

Buffington Mohr McNeal boosted its position in shares of Bank of America Co. (NYSE:BAC) by 2.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 195,239 shares of the financial services provider’s stock after buying an additional 4,633 shares during the period. Buffington Mohr McNeal’s holdings in Bank of America were worth $7,747,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Bank of America by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after purchasing an additional 36,124,363 shares in the last quarter. AMF Tjanstepension AB boosted its stake in shares of Bank of America by 959.6% in the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after purchasing an additional 8,447,091 shares in the last quarter. Swedbank AB acquired a new stake in shares of Bank of America in the 1st quarter valued at approximately $261,923,000. 1832 Asset Management L.P. boosted its stake in shares of Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after purchasing an additional 5,749,567 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Bank of America by 290.7% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock valued at $269,763,000 after purchasing an additional 5,293,000 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Barclays raised their price target on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday. Oppenheimer raised their price target on shares of Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday. Cfra reiterated a “sell” rating and set a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. Finally, Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $42.62.

Insider Buying and Selling

In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Lindsay D. Hans sold 10,901 shares of the business’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 completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $42.41, for a total value of $269,261,980.61. Following the completion of the sale, the insider now directly owns 992,612,058 shares of the company’s stock, valued at $42,096,677,379.78. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 144,633,120 shares of company stock valued at $5,862,871,640 over the last ninety days. 0.29% of the stock is owned by corporate insiders.

Bank of America Stock Performance

Shares of Bank of America stock opened at $42.61 on Friday. The business has a 50-day moving average price of $39.81 and a two-hundred day moving average price of $39.38. Bank of America Co. has a 1-year low of $24.96 and a 1-year 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 company has a market cap of $333.23 billion, a P/E ratio of 14.74, a PEG ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter last year, the firm posted $0.90 earnings per share. The firm’s revenue was up .4% on a year-over-year basis. As a group, analysts anticipate that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.44%. Bank of America’s payout ratio is presently 35.99%.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are 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.