Financial Avengers Inc. Has $8.74 Million Position in Bank of America Co. (NYSE:BAC)

Financial Avengers Inc. decreased its holdings in Bank of America Co. (NYSE:BAC) by 0.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 220,283 shares of the financial services provider’s stock after selling 1,074 shares during the period. Bank of America comprises about 4.3% of Financial Avengers Inc.’s investment portfolio, making the stock its 8th biggest holding. Financial Avengers Inc.’s holdings in Bank of America were worth $8,741,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of BAC. Accent Capital Management LLC grew its holdings in shares of Bank of America by 43.0% in the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after acquiring an additional 11,873 shares during the period. Summit Global Investments grew its holdings in shares of Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after acquiring an additional 36,089 shares during the period. Geode Capital Management LLC grew its holdings in shares of Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares during the period. Baker Avenue Asset Management LP grew its holdings in shares of Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after acquiring an additional 33,983 shares during the period. Finally, Banco Santander S.A. grew its holdings in shares of Bank of America by 173.7% in the third quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock worth $23,150,000 after acquiring an additional 370,275 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.3 %

Shares of BAC stock opened at $45.77 on Wednesday. Bank of America Co. has a 12-month low of $30.45 and a 12-month high of $48.08. 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’s 50-day moving average price is $43.87 and its 200-day moving average price is $41.33. The stock has a market capitalization of $351.19 billion, a price-to-earnings ratio of 16.64, a price-to-earnings-growth ratio of 1.58 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the previous year, the firm posted $0.90 earnings per share. The business’s revenue was up .4% compared to the same quarter last year. Equities research analysts predict that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.27%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $39.58, for a total transaction of $156,981,325.24. Following the sale, the insider now directly owns 854,214,328 shares of the company’s stock, valued at $33,809,803,102.24. The trade was a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders have sold 55,223,897 shares of company stock valued at $2,232,505,985. 0.29% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

BAC has been the subject of several research analyst reports. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Evercore ISI lifted their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Morgan Stanley downgraded Bank of America from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $48.00 to $55.00 in a research report on Monday. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Tuesday, September 3rd. Finally, Piper Sandler lifted their target price on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $45.92.

About Bank of America

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.