Stephens Inc. AR Cuts Stock Position in Bank of America Co. (NYSE:BAC)

Stephens Inc. AR lessened its stake in Bank of America Co. (NYSE:BAC) by 3.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 671,573 shares of the financial services provider’s stock after selling 21,191 shares during the quarter. Stephens Inc. AR’s holdings in Bank of America were worth $26,648,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Resonant Capital Advisors LLC increased its holdings in Bank of America by 40.8% in the 1st quarter. Resonant Capital Advisors LLC now owns 13,974 shares of the financial services provider’s stock worth $530,000 after acquiring an additional 4,051 shares in the last quarter. StoneX Group Inc. boosted its stake in Bank of America by 1.7% during the 1st quarter. StoneX Group Inc. now owns 23,478 shares of the financial services provider’s stock worth $896,000 after purchasing an additional 392 shares during the last quarter. Tanager Wealth Management LLP acquired a new stake in Bank of America during the 1st quarter worth $214,000. GLOBALT Investments LLC GA boosted its stake in Bank of America by 49.4% during the 1st quarter. GLOBALT Investments LLC GA now owns 232,950 shares of the financial services provider’s stock worth $8,833,000 after purchasing an additional 77,019 shares during the last quarter. Finally, Fortem Financial Group LLC boosted its stake in Bank of America by 22.0% during the 1st quarter. Fortem Financial Group LLC now owns 16,886 shares of the financial services provider’s stock worth $640,000 after purchasing an additional 3,042 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BAC shares. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Tuesday, September 3rd. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Oppenheimer boosted their price target on shares of Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Morgan Stanley boosted their price target on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. One investment 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’s stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the sale, the insider now directly owns 937,246,053 shares in the company, valued at $36,843,142,343.43. 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 available at the SEC website. In related news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the sale, the insider now owns 937,246,053 shares in the company, valued at $36,843,142,343.43. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,078,718 shares of company stock worth $4,548,920,425 over the last three months. Company insiders own 0.29% of the company’s stock.

Bank of America Stock Down 1.2 %

Shares of NYSE:BAC opened at $41.82 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $320.88 billion, a PE ratio of 15.21, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33. The firm’s 50-day moving average is $40.50 and its two-hundred day moving average is $39.74. Bank of America Co. has a 1 year low of $25.72 and a 1 year high of $44.44.

Bank of America (NYSE:BAC) last issued its quarterly 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 company 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%. The business’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 earnings per share. Analysts predict that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Dividend Announcement

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 paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.49%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America declared that its Board of Directors has approved a stock buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is 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.