Brookstone Capital Management Increases Holdings in Bank of America Co. (NYSE:BAC)

Brookstone Capital Management lifted its position in Bank of America Co. (NYSE:BAC) by 0.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 196,447 shares of the financial services provider’s stock after purchasing an additional 262 shares during the period. Brookstone Capital Management’s holdings in Bank of America were worth $7,795,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Hancock Whitney Corp increased its position in shares of Bank of America by 0.3% during the 4th quarter. Hancock Whitney Corp now owns 132,995 shares of the financial services provider’s stock valued at $4,478,000 after purchasing an additional 386 shares during the last quarter. Northwest Wealth Management LLC purchased a new stake in Bank of America during the fourth quarter valued at approximately $213,000. Vivaldi Capital Management LP raised its position in Bank of America by 24.8% in the fourth quarter. Vivaldi Capital Management LP now owns 9,985 shares of the financial services provider’s stock worth $327,000 after acquiring an additional 1,984 shares during the period. Pitcairn Co. boosted its stake in shares of Bank of America by 24.9% during the 4th quarter. Pitcairn Co. now owns 116,003 shares of the financial services provider’s stock worth $3,906,000 after acquiring an additional 23,158 shares during the last quarter. Finally, Mango Investments LLC bought a new stake in shares of Bank of America during the 4th quarter valued at $1,684,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Evercore ISI raised their target price on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, September 3rd. Oppenheimer boosted their price objective on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada restated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday. Finally, Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Two 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 issued a strong buy rating to the stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $42.27.

Bank of America Price Performance

Shares of Bank of America stock opened at $40.18 on Thursday. 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 Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The stock has a 50 day moving average of $39.31 and a 200 day moving average of $39.20. The firm has a market cap of $314.22 billion, a PE ratio of 13.90, a PEG ratio of 1.37 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating 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 firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same period in the prior year, the company earned $0.88 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year. On average, research analysts expect that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, September 6th. This is an increase 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 2.59%. Bank of America’s payout ratio is 35.99%.

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

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’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 transaction of $559,278,840.51. Following the sale, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’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 transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 156,918,857 shares of company stock worth $6,421,694,213. 0.29% of the stock is currently owned by corporate insiders.

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.