Bank of America Co. (NYSE:BAC) Shares Sold by Ables Iannone Moore & Associates Inc.

Ables Iannone Moore & Associates Inc. lowered its holdings in Bank of America Co. (NYSE:BAC) by 0.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,934 shares of the financial services provider’s stock after selling 883 shares during the period. Bank of America comprises about 2.8% of Ables Iannone Moore & Associates Inc.’s portfolio, making the stock its 10th largest holding. Ables Iannone Moore & Associates Inc.’s holdings in Bank of America were worth $4,323,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC boosted its holdings in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after buying an additional 547 shares during the last quarter. Fairway Wealth LLC bought a new stake in Bank of America during the second quarter worth $27,000. Livelsberger Financial Advisory acquired a new stake in Bank of America in the fourth quarter valued at $28,000. POM Investment Strategies LLC grew its position in shares of Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the 2nd quarter worth about $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 0.0 %

BAC stock opened at $39.23 on Thursday. The stock’s 50 day simple moving average is $39.44 and its 200 day simple moving average is $39.09. The company has a market cap of $306.79 billion, a P/E ratio of 13.57, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same period in the prior year, the firm earned $0.88 earnings per share. Bank of America’s revenue for the quarter was up .7% on a year-over-year basis. On average, research analysts expect that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a dividend of $0.26 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America declared that its board has initiated a stock repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BAC shares. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. Oppenheimer lifted their target price on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a research report on Wednesday. Barclays increased their target price on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Jefferies Financial Group increased their price objective on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Finally, Piper Sandler raised 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 report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $42.27.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 1,722,523 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $39.40, for a total value of $67,867,406.20. Following the transaction, the insider now owns 794,120,913 shares of the company’s stock, valued at approximately $31,288,363,972.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,722,523 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $39.40, for a total transaction of $67,867,406.20. Following the transaction, the insider now directly owns 794,120,913 shares in the company, valued at approximately $31,288,363,972.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The disclosure for this sale can be found here. Insiders sold a total of 147,650,481 shares of company stock valued at $6,050,547,676 over the last three months. Corporate insiders own 0.29% of the company’s stock.

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.