Delta Financial Group Inc. Cuts Position in Bank of America Co. (NYSE:BAC)

Delta Financial Group Inc. lowered its position in Bank of America Co. (NYSE:BAC) by 5.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,645 shares of the financial services provider’s stock after selling 1,114 shares during the period. Delta Financial Group Inc.’s holdings in Bank of America were worth $740,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in BAC. Johnson & White Wealth Management LLC increased its position in Bank of America by 2.4% during the 3rd quarter. Johnson & White Wealth Management LLC now owns 34,810 shares of the financial services provider’s stock valued at $1,381,000 after buying an additional 828 shares in the last quarter. Canandaigua National Bank & Trust Co. grew its stake in shares of Bank of America by 2.4% during the third quarter. Canandaigua National Bank & Trust Co. now owns 111,346 shares of the financial services provider’s stock worth $4,418,000 after acquiring an additional 2,648 shares during the last quarter. Farmers Trust Co. increased its holdings in shares of Bank of America by 8.5% during the third quarter. Farmers Trust Co. now owns 16,245 shares of the financial services provider’s stock valued at $645,000 after acquiring an additional 1,275 shares in the last quarter. Curbstone Financial Management Corp raised its position in shares of Bank of America by 4.0% in the 3rd quarter. Curbstone Financial Management Corp now owns 23,254 shares of the financial services provider’s stock valued at $923,000 after purchasing an additional 888 shares during the last quarter. Finally, Czech National Bank boosted its stake in Bank of America by 6.0% in the 3rd quarter. Czech National Bank now owns 1,375,216 shares of the financial services provider’s stock worth $54,569,000 after purchasing an additional 78,376 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Jefferies Financial Group upped their target price on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Morgan Stanley cut their price objective on Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Monday. Barclays raised their price objective on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 price target (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $42.27.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The shares were 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 $402,577.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The disclosure for this sale can be found here. In the last three months, insiders sold 147,650,481 shares of company stock worth $6,050,547,676. Corporate insiders own 0.29% of the company’s stock.

Bank of America Trading Up 0.0 %

Shares of NYSE:BAC opened at $39.24 on Friday. The business’s 50 day moving average price is $39.39 and its 200-day moving average price is $39.10. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The firm has a market capitalization of $306.87 billion, a price-to-earnings ratio of 13.58, 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 current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s revenue was up .7% compared to the same quarter last year. During the same period last year, the firm posted $0.88 earnings per share. On average, equities research analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.65%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6th. Bank of America’s payout ratio is presently 35.99%.

Bank of America declared that its board has authorized a share buyback program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

About Bank of America

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.