Godsey & Gibb Inc. Raises Holdings in Bank of America Co. (NYSE:BAC)

Godsey & Gibb Inc. grew its position in Bank of America Co. (NYSE:BAC) by 13.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,737 shares of the financial services provider’s stock after buying an additional 319 shares during the quarter. Godsey & Gibb Inc.’s holdings in Bank of America were worth $109,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. American National Bank & Trust Co. VA purchased a new stake in shares of Bank of America in the 1st quarter worth $1,322,000. Citizens Financial Group Inc. RI lifted its holdings in shares of Bank of America by 27.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after buying an additional 20,916 shares during the period. Councilmark Asset Management LLC purchased a new stake in shares of Bank of America in the 1st quarter worth $771,000. SteelPeak Wealth LLC raised its position in shares of Bank of America by 37.7% in the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after acquiring an additional 14,901 shares in the last quarter. Finally, Brookstone Capital Management raised its position in shares of Bank of America by 11.5% in the 2nd quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider’s stock worth $8,628,000 after acquiring an additional 20,309 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. BMO Capital Markets boosted their price target on 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. Keefe, Bruyette & Woods boosted their price target on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday. Finally, Piper Sandler Companies 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. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Bank of America Stock Down 0.7 %

Shares of BAC stock opened at $42.32 on Monday. The stock’s 50-day simple moving average is $39.89 and its 200-day simple moving average is $39.44. 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 firm has a market capitalization of $330.96 billion, a PE ratio of 14.64, a P/E/G ratio of 1.39 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.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 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 .4% on a year-over-year basis. During the same period in the prior year, the company earned $0.90 earnings per share. Equities analysts expect that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. Bank of America’s payout ratio is 35.99%.

Bank of America declared that its Board of Directors has initiated a share repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $42.39, for a total value of $229,779,191.61. Following the sale, the insider now owns 980,061,561 shares in the company, valued at $41,544,809,570.79. This represents 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 through the SEC website. In other news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This represents 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 through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $42.39, for a total value of $229,779,191.61. Following the transaction, the insider now owns 980,061,561 shares in the company, valued at $41,544,809,570.79. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 138,284,099 shares of company stock worth $5,593,609,660 over the last quarter. 0.29% of the stock is currently owned by 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.