Greenfield Savings Bank Has $1.57 Million Stock Position in Bank of America Co. (NYSE:BAC)

Greenfield Savings Bank lowered its stake in Bank of America Co. (NYSE:BAC) by 4.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 39,634 shares of the financial services provider’s stock after selling 1,679 shares during the quarter. Greenfield Savings Bank’s holdings in Bank of America were worth $1,573,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Vanguard Group Inc. increased its position in shares of Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after acquiring an additional 36,124,363 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in Bank of America by 360.9% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after buying an additional 29,198,846 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after buying an additional 9,879,524 shares during the last quarter. AMF Tjanstepension AB increased its position in Bank of America by 959.6% during the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after buying an additional 8,447,091 shares during the last quarter. Finally, Swedbank AB acquired a new position in Bank of America during the first quarter worth approximately $261,923,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $39.96 on Tuesday. The stock has a market capitalization of $312.50 billion, a PE ratio of 13.83, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. The company’s 50-day moving average is $39.36 and its 200-day moving average is $39.16. 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 Co. has a 1 year low of $24.96 and a 1 year high of $44.44.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.88 EPS. Equities 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 declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a $0.26 dividend. 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. This represents a $1.04 annualized dividend and a yield of 2.60%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Morgan Stanley lowered their price target on Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Monday, September 30th. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Tuesday, September 3rd. Finally, Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $42.27.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction dated 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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction dated 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 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 position. The sale 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 firm’s stock in a transaction dated Tuesday, August 27th. The shares were 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 directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 156,918,857 shares of company stock valued at $6,421,694,213. 0.29% of the stock is owned by corporate insiders.

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.