Bank of America Co. (NYSE:BAC) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC grew its position in Bank of America Co. (NYSE:BAC) by 9.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 103,092 shares of the financial services provider’s stock after acquiring an additional 8,805 shares during the quarter. GAMMA Investing LLC’s holdings in Bank of America were worth $4,531,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Founders Financial Securities LLC boosted its stake in shares of Bank of America by 69.6% during the second quarter. Founders Financial Securities LLC now owns 13,137 shares of the financial services provider’s stock worth $522,000 after buying an additional 5,390 shares during the period. Pursue Wealth Partners LLC grew its stake in shares of Bank of America by 8.4% in the 2nd quarter. Pursue Wealth Partners LLC now owns 19,031 shares of the financial services provider’s stock valued at $757,000 after purchasing an additional 1,475 shares during the last quarter. Stablepoint Partners LLC acquired a new position in shares of Bank of America in the second quarter valued at approximately $316,000. FineMark National Bank & Trust raised its stake in shares of Bank of America by 1.2% during the second quarter. FineMark National Bank & Trust now owns 98,163 shares of the financial services provider’s stock worth $3,904,000 after purchasing an additional 1,169 shares during the last quarter. Finally, Range Financial Group LLC lifted its holdings in shares of Bank of America by 7.2% during the second quarter. Range Financial Group LLC now owns 8,183 shares of the financial services provider’s stock worth $325,000 after purchasing an additional 551 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.8 %

Bank of America stock opened at $44.29 on Friday. The stock has a market cap of $339.83 billion, a PE ratio of 16.11, a P/E/G ratio of 1.55 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a 50-day moving average price of $45.08 and a 200 day moving average price of $41.92. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last posted 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 during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.90 earnings per share. Equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date was Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

Analyst Ratings Changes

BAC has been the subject of a number of analyst reports. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $48.00 to $55.00 in a research report on Monday, December 9th. Piper Sandler lifted their price objective on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Wells Fargo & Company lifted their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $45.92.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 16,772,932 shares of company stock worth $693,852,472 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.