Bank of America Co. (NYSE:BAC) Shares Bought by Aprio Wealth Management LLC

Aprio Wealth Management LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 2.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,811 shares of the financial services provider’s stock after acquiring an additional 701 shares during the period. Aprio Wealth Management LLC’s holdings in Bank of America were worth $1,143,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Bank of America by 5.9% during 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. Price T Rowe Associates Inc. MD boosted its stake in shares of 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 valued at $3,502,720,000 after acquiring an additional 9,879,524 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after acquiring an additional 895,884 shares during the last quarter. Capital World Investors boosted its stake in shares of Bank of America by 0.4% during the first quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock valued at $1,530,241,000 after acquiring an additional 165,070 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its stake in shares of Bank of America by 17.1% during the fourth quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock valued at $1,267,820,000 after acquiring an additional 5,488,790 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Barclays increased 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. Cfra reissued a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Jefferies Financial Group raised their price target 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. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, BMO Capital Markets raised their price target on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Two 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $42.27.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $39.96 on Tuesday. The company has a market cap of $312.50 billion, a P/E ratio of 13.83, a PEG ratio of 1.37 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The business’s 50-day simple moving average is $39.36 and its 200 day simple moving average is $39.16.

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

Bank of America Increases Dividend

The firm also recently disclosed 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 2.60%. 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 dividend payout ratio (DPR) is 35.99%.

Bank of America declared that its Board of Directors has approved a stock repurchase program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, 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 value of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. 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 Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The trade was 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 worth $6,421,694,213 in the last 90 days. 0.29% of the stock is owned by corporate insiders.

Bank of America 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.