4,985 Shares in Bank of America Co. (NYSE:BAC) Bought by SGL Investment Advisors Inc.

SGL Investment Advisors Inc. bought a new position in Bank of America Co. (NYSE:BAC) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 4,985 shares of the financial services provider’s stock, valued at approximately $198,000.

Other large investors also recently added to or reduced their stakes in the company. Raab & Moskowitz Asset Management LLC boosted its stake in shares of Bank of America by 1.7% during the 3rd quarter. Raab & Moskowitz Asset Management LLC now owns 78,067 shares of the financial services provider’s stock valued at $3,098,000 after purchasing an additional 1,281 shares in the last quarter. Pacific Center for Financial Services boosted its stake in shares of Bank of America by 16.1% during the 3rd quarter. Pacific Center for Financial Services now owns 5,680 shares of the financial services provider’s stock valued at $225,000 after purchasing an additional 786 shares in the last quarter. Anson Funds Management LP bought a new stake in shares of Bank of America during the 3rd quarter valued at about $2,282,000. Orion Portfolio Solutions LLC boosted its stake in shares of Bank of America by 6.5% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 216,245 shares of the financial services provider’s stock valued at $8,581,000 after purchasing an additional 13,292 shares in the last quarter. Finally, XTX Topco Ltd lifted its position in Bank of America by 11.4% during the 3rd quarter. XTX Topco Ltd now owns 118,429 shares of the financial services provider’s stock valued at $4,699,000 after acquiring an additional 12,138 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $46.75 on Monday. The company has a market cap of $358.71 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 1.58 and a beta of 1.33. The firm’s fifty day moving average is $43.75 and its 200 day moving average is $41.28. 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 52-week low of $30.45 and a 52-week high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate 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 prior year, the firm posted $0.90 earnings per share. Sell-side analysts forecast that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is presently 37.82%.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders have sold 55,223,897 shares of company stock worth $2,232,505,985. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Morgan Stanley lifted their target price on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Piper Sandler lifted their target price on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $45.57.

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.