Mount Yale Investment Advisors LLC Has $236,000 Stake in Bank of America Co. (NYSE:BAC)

Mount Yale Investment Advisors LLC reduced its stake in Bank of America Co. (NYSE:BAC) by 21.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,959 shares of the financial services provider’s stock after selling 1,598 shares during the period. Mount Yale Investment Advisors LLC’s holdings in Bank of America were worth $236,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Delos Wealth Advisors LLC increased its holdings in shares of Bank of America by 402.2% during the first 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 in the last quarter. Fairway Wealth LLC acquired a new position in Bank of America in the 2nd quarter worth about $27,000. POM Investment Strategies LLC raised its position 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 last quarter. Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America during the second quarter worth about $30,000. Finally, Clearstead Trust LLC grew its holdings in shares of Bank of America by 1,489.3% during the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 834 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the company’s 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 sale, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $40.63, for a total value of $284,146,717.60. Following the completion of the sale, the insider now owns 948,077,805 shares in the company, valued at approximately $38,520,401,217.15. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the business’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 value of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares in the company, valued at $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 120,072,238 shares of company stock valued at $4,833,067,143 over the last ninety days. 0.29% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Cfra restated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. BMO Capital Markets lifted their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.69.

Bank of America Price Performance

Shares of BAC opened at $41.89 on Monday. The business’s fifty day moving average is $40.24 and its 200 day moving average is $39.62. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market cap of $325.05 billion, a P/E ratio of 15.23, a P/E/G ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s revenue was up .4% on a year-over-year basis. During the same period last year, the company earned $0.90 earnings per share. Sell-side analysts anticipate that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a stock 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 typically an indication that the company’s management believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

About Bank of America

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.