Foster Victor Wealth Advisors LLC Has $487,000 Stake in Bank of America Co. (NYSE:BAC)

Foster Victor Wealth Advisors LLC reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 12.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,118 shares of the financial services provider’s stock after selling 1,792 shares during the quarter. Foster Victor Wealth Advisors LLC’s holdings in Bank of America were worth $487,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of BAC. Delos Wealth Advisors LLC grew its stake in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the period. Fairway Wealth LLC bought a new position in shares of Bank of America during the 2nd quarter valued at about $27,000. POM Investment Strategies LLC grew its position in shares of Bank of America by 839.0% in the 2nd 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 period. Bbjs Financial Advisors LLC bought a new stake in Bank of America during the 2nd quarter worth approximately $30,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America during the 1st quarter worth approximately $33,000. 70.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $42.41, for a total value of $269,261,980.61. Following the transaction, the insider now directly owns 992,612,058 shares in the company, valued at $42,096,677,379.78. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $42.41, for a total value of $269,261,980.61. Following the transaction, the insider now owns 992,612,058 shares of the company’s stock, valued at approximately $42,096,677,379.78. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the 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 transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 148,230,389 shares of company stock valued at $6,023,064,684 in the last quarter. 0.29% of the stock is currently owned by insiders.

Analyst Ratings Changes

BAC has been the subject of several research analyst reports. BMO Capital Markets upped their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods lifted their price target on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday. Jefferies Financial Group upped their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Finally, Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.62.

Bank of America Stock Performance

Shares of BAC opened at $42.80 on Thursday. The company has a market cap of $334.71 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The firm has a 50-day moving average of $39.72 and a 200-day moving average of $39.35. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. 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 (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the company posted $0.90 earnings per share. As a group, equities analysts forecast that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America declared that its board has approved a stock buyback plan 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 repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.43%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

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.