Johnson & White Wealth Management LLC Has $1.38 Million Stake in Bank of America Co. (NYSE:BAC)

Johnson & White Wealth Management LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 2.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,810 shares of the financial services provider’s stock after buying an additional 828 shares during the period. Bank of America makes up about 1.2% of Johnson & White Wealth Management LLC’s investment portfolio, making the stock its 22nd biggest position. Johnson & White Wealth Management LLC’s holdings in Bank of America were worth $1,381,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Canandaigua National Bank & Trust Co. boosted its holdings in 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 buying an additional 2,648 shares during the last quarter. Farmers Trust Co. raised its position in shares of Bank of America by 8.5% in the 3rd 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 during the period. Curbstone Financial Management Corp boosted its stake in Bank of America by 4.0% during the 3rd quarter. Curbstone Financial Management Corp now owns 23,254 shares of the financial services provider’s stock worth $923,000 after acquiring an additional 888 shares during the last quarter. Czech National Bank grew its holdings in Bank of America by 6.0% during the third quarter. Czech National Bank now owns 1,375,216 shares of the financial services provider’s stock valued at $54,569,000 after purchasing an additional 78,376 shares during the period. Finally, Trust Co. of Toledo NA OH increased its stake in Bank of America by 3.2% in the third quarter. Trust Co. of Toledo NA OH now owns 13,288 shares of the financial services provider’s stock valued at $527,000 after purchasing an additional 417 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on BAC shares. BMO Capital Markets lifted their price target on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Oppenheimer lifted their target price on Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a report on Wednesday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $48.00 price target (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Jefferies Financial Group increased their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $42.27.

Bank of America Trading Up 0.0 %

BAC opened at $39.24 on Friday. The company’s 50 day moving average price is $39.39 and its two-hundred day moving average price is $39.10. The firm has a market capitalization of $306.87 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.37 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. 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 released its earnings results 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. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same quarter in the previous year, the business earned $0.88 earnings per share. Bank of America’s revenue for the quarter was up .7% on a year-over-year basis. As a group, research analysts predict that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

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

Bank of America declared that its Board of Directors has initiated a share 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 buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Bank of America news, 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 owns 96,082 shares in the company, valued at approximately $3,824,063.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the transaction, the insider now directly owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,650,481 shares of company stock valued at $6,050,547,676. Corporate insiders own 0.29% of the company’s stock.

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.