Capital Investment Advisors LLC Sells 825 Shares of Bank of America Co. (NYSE:BAC)

Capital Investment Advisors LLC lessened its position in shares of Bank of America Co. (NYSE:BAC) by 0.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 532,045 shares of the financial services provider’s stock after selling 825 shares during the period. Capital Investment Advisors LLC’s holdings in Bank of America were worth $21,112,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. McAdam LLC increased its holdings in Bank of America by 2.1% during the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after buying an additional 238 shares during the last quarter. BTC Capital Management Inc. grew its position in shares of Bank of America by 1.2% during the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after acquiring an additional 248 shares during the period. Central Bank & Trust Co. increased its stake in shares of Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 248 shares in the last quarter. SNS Financial Group LLC raised its holdings in Bank of America by 3.3% in the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 248 shares during the period. Finally, Verdence Capital Advisors LLC lifted its position in Bank of America by 0.3% during the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock valued at $3,742,000 after purchasing an additional 251 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This trade 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 can be accessed through this link. In related news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on 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 owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was 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 the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $42.39, for a total value of $229,779,191.61. Following the transaction, the insider now owns 980,061,561 shares in the company, valued at $41,544,809,570.79. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 144,633,120 shares of company stock worth $5,862,871,640 over the last 90 days. Company insiders own 0.29% of the company’s stock.

Bank of America Stock Down 0.6 %

Shares of NYSE BAC opened at $42.33 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The firm’s 50-day moving average price is $39.89 and its 200-day moving average price is $39.41. The stock has a market capitalization of $331.04 billion, a price-to-earnings ratio of 14.65, a P/E/G ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the company earned $0.90 EPS. On average, equities research analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America announced that its board has approved a share buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.46%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is currently 35.99%.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Keefe, Bruyette & Woods upped their price target on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday. BMO Capital Markets lifted their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. Barclays lifted their target price 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. Finally, Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Bank of America 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.