Greenwood Capital Associates LLC Grows Stock Position in Bank of America Co. (NYSE:BAC)

Greenwood Capital Associates LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 4.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 123,267 shares of the financial services provider’s stock after purchasing an additional 5,647 shares during the quarter. Greenwood Capital Associates LLC’s holdings in Bank of America were worth $4,891,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Quent Capital LLC grew its holdings in Bank of America by 3.6% in the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock valued at $1,129,000 after buying an additional 1,037 shares in the last quarter. Rehmann Capital Advisory Group grew its holdings in shares of Bank of America by 4.0% in the first quarter. Rehmann Capital Advisory Group now owns 39,001 shares of the financial services provider’s stock valued at $1,479,000 after purchasing an additional 1,511 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors raised its stake in Bank of America by 50.8% during the first quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 16,505 shares of the financial services provider’s stock worth $626,000 after purchasing an additional 5,559 shares during the period. Larson Financial Group LLC lifted its holdings in Bank of America by 541.8% in the first quarter. Larson Financial Group LLC now owns 10,449 shares of the financial services provider’s stock valued at $396,000 after acquiring an additional 8,821 shares during the last quarter. Finally, Avidian Wealth Solutions LLC grew its position in Bank of America by 24.6% in the first quarter. Avidian Wealth Solutions LLC now owns 25,864 shares of the financial services provider’s stock worth $981,000 after acquiring an additional 5,106 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 1.0 %

Shares of BAC stock opened at $41.33 on Tuesday. The company has a market cap of $317.12 billion, a PE ratio of 15.03, a price-to-earnings-growth ratio of 1.42 and a beta of 1.32. Bank of America Co. has a 12 month low of $27.34 and a 12 month high of $44.44. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business’s 50 day moving average is $40.56 and its two-hundred day moving average is $39.89.

Bank of America (NYSE:BACGet Free Report) last announced its quarterly earnings data 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. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the prior year, the company posted $0.90 EPS. The business’s revenue was up .4% on a year-over-year basis. Equities analysts predict that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America declared that its Board of Directors has initiated a share repurchase program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The company also recently announced 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. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.52%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insider Activity at Bank of America

In other news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the sale, the insider now directly owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 transaction, the insider now owns 96,082 shares of the company’s stock, valued at $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. In the last three months, insiders sold 113,067,817 shares of company stock worth $4,548,518,070. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

BAC has been the subject of a number of recent analyst reports. Morgan Stanley lifted 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. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods increased their target price on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, BMO Capital Markets lifted their target price on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. One investment 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Check Out Our Latest Research Report on Bank of America

About Bank of America

(Free Report)

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.

See Also

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BACFree Report).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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