Inlet Private Wealth LLC Sells 877 Shares of Bank of America Co. (NYSE:BAC)

Inlet Private Wealth LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 0.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 144,113 shares of the financial services provider’s stock after selling 877 shares during the quarter. Bank of America makes up approximately 1.5% of Inlet Private Wealth LLC’s portfolio, making the stock its 22nd biggest holding. Inlet Private Wealth LLC’s holdings in Bank of America were worth $5,718,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of BAC. Good Life Advisors LLC raised its position in shares of Bank of America by 6.3% during the 3rd quarter. Good Life Advisors LLC now owns 32,712 shares of the financial services provider’s stock valued at $1,298,000 after buying an additional 1,948 shares in the last quarter. One Wealth Advisors LLC increased its holdings in shares of Bank of America by 6.3% in the third quarter. One Wealth Advisors LLC now owns 9,908 shares of the financial services provider’s stock worth $393,000 after buying an additional 586 shares during the period. Nottingham Advisors Inc. purchased a new position in shares of Bank of America in the third quarter worth about $1,003,000. Consolidated Capital Management LLC lifted its stake in shares of Bank of America by 1.9% in the 3rd quarter. Consolidated Capital Management LLC now owns 119,657 shares of the financial services provider’s stock valued at $4,748,000 after acquiring an additional 2,206 shares during the last quarter. Finally, Mezzasalma Advisors LLC boosted its holdings in Bank of America by 4.9% during the 3rd quarter. Mezzasalma Advisors LLC now owns 8,922 shares of the financial services provider’s stock valued at $354,000 after acquiring an additional 418 shares during the period. 70.71% of the stock is owned by institutional investors.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of Bank of America stock in a transaction dated 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 completion of the transaction, the insider now owns 992,612,058 shares of the company’s stock, valued at $42,096,677,379.78. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of Bank of America stock in a transaction 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 completion of the sale, the insider now directly owns 992,612,058 shares of the company’s stock, valued at approximately $42,096,677,379.78. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 148,230,389 shares of company stock valued at $6,023,064,684 in the last 90 days. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several recent research reports. Barclays boosted their price objective on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Jefferies Financial Group upped their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Finally, Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. One research 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 stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.62.

Bank of America Stock Up 0.0 %

Bank of America stock traded up $0.02 on Thursday, hitting $42.82. 12,690,784 shares of the stock traded hands, compared to its average volume of 38,808,984. The business’s fifty day simple moving average is $39.72 and its 200 day simple moving average is $39.35. The firm has a market cap of $334.87 billion, a P/E ratio of 14.84, a price-to-earnings-growth ratio of 1.39 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. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate 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 net margin of 13.28% and a return on equity of 10.56%. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 earnings per share. As a group, sell-side analysts forecast that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America announced that its board has approved a stock repurchase plan 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 purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Dividend Announcement

The business 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 annualized dividend and a dividend yield of 2.43%. Bank of America’s payout ratio is currently 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.