Bank of America Co. (NYSE:BAC) Shares Sold by Grassi Investment Management

Grassi Investment Management trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 431,070 shares of the financial services provider’s stock after selling 8,400 shares during the period. Bank of America makes up about 1.5% of Grassi Investment Management’s portfolio, making the stock its 15th biggest position. Grassi Investment Management’s holdings in Bank of America were worth $17,105,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Global Assets Advisory LLC acquired a new position in shares of Bank of America in the 1st quarter valued at $1,682,000. Atlas Capital Advisors LLC lifted its stake in shares of Bank of America by 39.5% in the 1st quarter. Atlas Capital Advisors LLC now owns 4,239 shares of the financial services provider’s stock valued at $161,000 after purchasing an additional 1,200 shares during the period. Brookstone Capital Management lifted its stake in shares of Bank of America by 9.1% in the 1st quarter. Brookstone Capital Management now owns 175,876 shares of the financial services provider’s stock valued at $6,669,000 after purchasing an additional 14,627 shares during the period. Wealthcare Advisory Partners LLC lifted its stake in shares of Bank of America by 16.8% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 63,812 shares of the financial services provider’s stock valued at $2,420,000 after purchasing an additional 9,191 shares during the period. Finally, Thrive Wealth Management LLC lifted its stake in shares of Bank of America by 10.1% in the 1st quarter. Thrive Wealth Management LLC now owns 11,315 shares of the financial services provider’s stock valued at $429,000 after purchasing an additional 1,036 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports 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 for the company in a research note on Friday, October 18th. Piper Sandler raised shares of 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 report on Tuesday, July 9th. Piper Sandler Companies raised shares of 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 report on Tuesday, July 9th. Morgan Stanley boosted their price target on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Barclays boosted their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $41.20, for a total transaction of $216,901,561.20. Following the sale, the insider now owns 961,646,715 shares of the company’s stock, valued at approximately $39,619,844,658. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $41.20, for a total transaction of $216,901,561.20. Following the sale, the insider now directly owns 961,646,715 shares in the company, valued at approximately $39,619,844,658. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 132,863,500 shares of company stock valued at $5,363,830,468. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Trading Up 0.1 %

NYSE BAC opened at $42.34 on Thursday. The firm’s 50-day moving average is $40.11 and its two-hundred day moving average is $39.53. Bank of America Co. has a 12 month low of $24.96 and a 12 month 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. The stock has a market capitalization of $331.11 billion, a P/E ratio of 14.65, a PEG ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the prior year, the company posted $0.90 earnings per share. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America announced that its board has authorized a share buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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.