ST Germain D J Co. Inc. Sells 388 Shares of Bank of America Co. (NYSE:BAC)

ST Germain D J Co. Inc. lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 4.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,265 shares of the financial services provider’s stock after selling 388 shares during the quarter. ST Germain D J Co. Inc.’s holdings in Bank of America were worth $328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. American National Bank & Trust Co. VA purchased a new position in shares of Bank of America in the 1st quarter worth approximately $1,322,000. Citizens Financial Group Inc. RI boosted its position in shares of Bank of America by 27.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after purchasing an additional 20,916 shares in the last quarter. Councilmark Asset Management LLC purchased a new position in Bank of America during the 1st quarter worth $771,000. SteelPeak Wealth LLC increased its position in Bank of America by 37.7% during the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after buying an additional 14,901 shares in the last quarter. Finally, Brookstone Capital Management raised its stake in Bank of America by 11.5% in the second quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider’s stock valued at $8,628,000 after buying an additional 20,309 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of Bank of America stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $42.41, for a total transaction of $269,261,980.61. Following the transaction, the insider now directly owns 992,612,058 shares of the company’s stock, valued at $42,096,677,379.78. 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. In other Bank of America 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 value of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. 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 link. Also, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $42.41, for a total transaction of $269,261,980.61. Following the transaction, the insider now directly owns 992,612,058 shares of the company’s stock, valued at approximately $42,096,677,379.78. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 144,633,120 shares of company stock valued at $5,862,871,640. 0.29% of the stock is currently owned by insiders.

Bank of America Stock Down 0.7 %

Shares of NYSE BAC opened at $42.32 on Friday. The stock has a market cap of $330.96 billion, a PE ratio of 14.64, a P/E/G 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 12-month low of $24.96 and a 12-month 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 posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business’s revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 earnings per share. As a group, sell-side analysts predict that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America declared that its board has authorized a share buyback program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders 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 dividend yield of 2.46%. Bank of America’s payout ratio is 35.99%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group boosted their price target on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Cfra restated a “sell” rating and set a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Evercore ISI lifted their price objective on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday. Keefe, Bruyette & Woods upped their target price on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.69.

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.