Embree Financial Group Sells 321 Shares of Bank of America Co. (NYSE:BAC)

Embree Financial Group reduced its position in shares of Bank of America Co. (NYSE:BAC) by 0.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 92,179 shares of the financial services provider’s stock after selling 321 shares during the period. Embree Financial Group’s holdings in Bank of America were worth $3,658,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Integris Wealth Management LLC increased its stake in shares of Bank of America by 10.0% in the third quarter. Integris Wealth Management LLC now owns 10,688 shares of the financial services provider’s stock worth $424,000 after purchasing an additional 970 shares during the period. Moss Adams Wealth Advisors LLC grew its holdings in Bank of America by 34.4% in the 3rd quarter. Moss Adams Wealth Advisors LLC now owns 23,078 shares of the financial services provider’s stock valued at $916,000 after buying an additional 5,913 shares during the last quarter. Accurate Wealth Management LLC increased its position in Bank of America by 1.9% in the 3rd quarter. Accurate Wealth Management LLC now owns 34,140 shares of the financial services provider’s stock worth $1,438,000 after buying an additional 641 shares during the period. Net Worth Advisory Group acquired a new position in shares of Bank of America during the third quarter worth approximately $232,000. Finally, Precedent Wealth Partners LLC boosted its position in shares of Bank of America by 18.2% in the third quarter. Precedent Wealth Partners LLC now owns 33,864 shares of the financial services provider’s stock valued at $1,344,000 after acquiring an additional 5,222 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Morgan Stanley increased their target price on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday. Barclays boosted their price target on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Insiders Place Their Bets

In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred on 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 directly 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 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 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 approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This 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 in the last 90 days. 0.29% of the stock is currently owned by insiders.

Bank of America Stock Performance

NYSE BAC opened at $42.32 on Friday. The firm has a market cap of $330.96 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.39 and a beta of 1.33. 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 1-year low of $24.96 and a 1-year high of $44.44. The company has a 50 day moving average of $39.89 and a 200-day moving average of $39.43.

Bank of America (NYSE:BAC) last released its quarterly 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 during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue was up .4% on a year-over-year basis. During the same period last year, the firm posted $0.90 EPS. On average, equities analysts forecast that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared 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 is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.46%. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Bank of America announced that its board has approved a share repurchase 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 reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board 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.