Atlantic Union Bankshares Corp Buys 20,931 Shares of Bank of America Co. (NYSE:BAC)

Atlantic Union Bankshares Corp increased its stake in Bank of America Co. (NYSE:BAC) by 7.6% in the 3rd quarter, Holdings Channel reports. The firm owned 294,646 shares of the financial services provider’s stock after purchasing an additional 20,931 shares during the period. Atlantic Union Bankshares Corp’s holdings in Bank of America were worth $11,692,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Fairway Wealth LLC bought a new stake in shares of Bank of America during the 2nd quarter worth $27,000. POM Investment Strategies LLC lifted its position in Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares during the last quarter. Kennebec Savings Bank bought a new stake in Bank of America during the third quarter valued at about $29,000. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America in the second quarter valued at about $30,000. Finally, Christopher J. Hasenberg Inc increased its stake in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 852 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.0 %

Shares of Bank of America stock opened at $47.77 on Friday. The business has a fifty day simple moving average of $42.87 and a 200 day simple moving average of $40.92. The stock has a market cap of $366.53 billion, a PE ratio of 17.37, a price-to-earnings-growth ratio of 1.62 and a beta of 1.32. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12 month low of $29.32 and a 12 month high of $47.98.

Bank of America (NYSE:BAC) last issued 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. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.90 earnings per share. Research analysts predict that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is presently 37.82%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This trade represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have sold 70,007,916 shares of company stock worth $2,829,836,123. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BAC. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research note on Friday, October 18th. Wells Fargo & Company increased their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Evercore ISI boosted their price target on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Keefe, Bruyette & Woods boosted their price objective 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. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $44.26.

Bank of America 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.