Arkadios Wealth Advisors Boosts Position in Bank of America Co. (NYSE:BAC)

Arkadios Wealth Advisors lifted its position in Bank of America Co. (NYSE:BAC) by 3.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 112,464 shares of the financial services provider’s stock after purchasing an additional 4,192 shares during the quarter. Arkadios Wealth Advisors’ holdings in Bank of America were worth $4,463,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of BAC. Vanguard Group Inc. raised its position in shares of Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after buying an additional 36,124,363 shares during the period. AMF Tjanstepension AB grew its holdings in shares of Bank of America by 959.6% during the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after purchasing an additional 8,447,091 shares during the period. Swedbank AB acquired a new stake in shares of Bank of America during the 1st quarter worth about $261,923,000. 1832 Asset Management L.P. raised its holdings in Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after buying an additional 5,749,567 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in Bank of America by 290.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock valued at $269,763,000 after buying an additional 5,293,000 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BAC. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Keefe, Bruyette & Woods lifted 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, October 16th. BMO Capital Markets increased their price target on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Barclays upped their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Finally, Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has assigned 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.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $40.63, for a total value of $284,146,717.60. Following the sale, the insider now directly owns 948,077,805 shares of the company’s stock, valued at approximately $38,520,401,217.15. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $40.63, for a total transaction of $284,146,717.60. Following the completion of the sale, the insider now owns 948,077,805 shares of the company’s stock, valued at approximately $38,520,401,217.15. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,336,839 shares of company stock valued at $5,049,968,704 in the last 90 days. 0.29% of the stock is currently owned by insiders.

Bank of America Price Performance

NYSE:BAC traded down $0.76 during trading hours on Friday, reaching $41.89. 27,466,909 shares of the company traded hands, compared to its average volume of 38,639,859. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The firm’s 50-day moving average is $40.24 and its 200-day moving average is $39.58. The stock has a market cap of $325.05 billion, a P/E ratio of 15.23, a P/E/G ratio of 1.43 and a beta of 1.33.

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

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Bank of America declared that its board has approved a stock repurchase program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase 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 stock is undervalued.

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.