Apella Capital LLC Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

Apella Capital LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.5% during the third quarter, HoldingsChannel reports. The firm owned 10,870 shares of the financial services provider’s stock after selling 392 shares during the quarter. Apella Capital LLC’s holdings in Bank of America were worth $426,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in BAC. Delos Wealth Advisors LLC boosted its stake in 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 worth $26,000 after buying an additional 547 shares during the last quarter. Fairway Wealth LLC purchased a new position in shares of Bank of America during the 2nd quarter worth about $27,000. Livelsberger Financial Advisory acquired a new stake in shares of Bank of America in the fourth quarter worth approximately $28,000. POM Investment Strategies LLC grew its holdings in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC purchased a new position in Bank of America during the second quarter worth approximately $30,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 2.2 %

Shares of NYSE:BAC traded up $0.86 during trading on Friday, hitting $40.11. The company’s stock had a trading volume of 34,255,929 shares, compared to its average volume of 39,056,484. The company has a market capitalization of $313.68 billion, a PE ratio of 13.88, 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 quick ratio of 0.80 and a current ratio of 0.80. The stock’s 50-day moving average price is $39.36 and its two-hundred day moving average price is $39.12.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (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 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 company posted $0.88 EPS. Bank of America’s quarterly revenue was up .7% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America declared that its Board of Directors has initiated 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 buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were issued a dividend of $0.26 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 1,722,523 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $39.40, for a total transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 1,722,523 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 794,120,913 shares of the company’s stock, valued at approximately $31,288,363,972.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America 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 transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 147,650,481 shares of company stock valued at $6,050,547,676. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Wednesday. Oppenheimer upped their price target on Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a research note on Wednesday. Barclays lifted their price objective on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, September 3rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $42.27.

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.