Bank of America Co. (NYSE:BAC) Shares Acquired by Cape ANN Savings Bank

Cape ANN Savings Bank increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,079 shares of the financial services provider’s stock after purchasing an additional 1,060 shares during the period. Cape ANN Savings Bank’s holdings in Bank of America were worth $1,432,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Fairway Wealth LLC acquired a new stake in Bank of America during the second quarter valued at $27,000. Delos Wealth Advisors LLC boosted its stake in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares in the last quarter. POM Investment Strategies LLC grew its position in shares of 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 valued at $29,000 after acquiring an additional 646 shares during the period. Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America in the 2nd quarter valued at about $30,000. Finally, Livelsberger Financial Advisory acquired a new position in Bank of America in the 4th quarter worth about $28,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on BAC shares. Barclays boosted their price objective on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Oppenheimer boosted their price target on shares of Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 target price (up previously from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Finally, Royal Bank of Canada upped their price target on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.27.

Insider Buying and Selling at Bank of America

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 shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction on 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 sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were 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 in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 156,918,857 shares of company stock valued at $6,421,694,213 in the last three months. 0.29% of the stock is owned by corporate insiders.

Bank of America Stock Performance

NYSE BAC opened at $39.95 on Wednesday. The stock has a market cap of $312.42 billion, a PE ratio of 13.82, a P/E/G ratio of 1.37 and a beta of 1.33. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The stock has a fifty day simple moving average of $39.34 and a 200-day simple moving average of $39.18. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter last year, the firm earned $0.88 EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Equities analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.60%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is 35.99%.

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

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.