MFA Wealth Advisors LLC Sells 4,800 Shares of Bank of America Co. (NYSE:BAC)

MFA Wealth Advisors LLC trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 82.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,008 shares of the financial services provider’s stock after selling 4,800 shares during the quarter. MFA Wealth Advisors LLC’s holdings in Bank of America were worth $40,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently 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% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares in the last quarter. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at $27,000. POM Investment Strategies LLC raised its position in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring 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 $30,000. Finally, Clearstead Trust LLC raised its position 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 acquiring an additional 834 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of NYSE BAC opened at $42.34 on Thursday. The company has a fifty day moving average price of $40.11 and a 200 day moving average price of $39.53. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The firm has a market cap of $331.11 billion, a PE ratio of 14.65, a PEG 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 (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (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 the consensus estimate 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 period last year, the company earned $0.90 earnings per share. Research analysts predict that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

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

Bank of America Dividend Announcement

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

Insider Transactions at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 132,863,500 shares of company stock valued at $5,363,830,468 over the last 90 days. 0.29% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BAC. Barclays upped their target price on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Tuesday, September 3rd. Finally, 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. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $42.69.

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.