Bank of America Co. (NYSE:BAC) Position Lessened by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 4.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 557,658 shares of the financial services provider’s stock after selling 25,746 shares during the quarter. Bank of America comprises about 0.6% of Gulf International Bank UK Ltd’s investment portfolio, making the stock its 27th largest holding. Gulf International Bank UK Ltd’s holdings in Bank of America were worth $22,127,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the second quarter worth approximately $27,000. Delos Wealth Advisors LLC boosted its stake in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the period. POM Investment Strategies LLC grew its stake in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC bought a new position in Bank of America during the second quarter worth $30,000. Finally, Clearstead Trust LLC increased its holdings in shares of Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 834 shares during the period. 70.71% of the stock is owned by institutional investors.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the sale, the insider now owns 928,460,939 shares of the company’s stock, valued at approximately $36,813,476,231.35. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $39.65, for a total value of $199,638,463.70. Following the completion of the transaction, the insider now owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070. 0.29% of the stock is owned by insiders.

Bank of America Price Performance

Shares of NYSE:BAC opened at $41.33 on Tuesday. The firm has a 50 day moving average of $40.56 and a 200-day moving average of $39.89. Bank of America Co. has a 12 month low of $27.34 and a 12 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 market capitalization of $317.12 billion, a PE ratio of 15.03, a PEG ratio of 1.42 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue was up .4% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 EPS. On average, equities research analysts predict that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has initiated 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 purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.52%. Bank of America’s payout ratio is currently 37.82%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on BAC shares. 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 report on Tuesday, September 3rd. Barclays increased their target price on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.69.

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.