GHP Investment Advisors Inc. Buys 2,467 Shares of Bank of America Co. (NYSE:BAC)

GHP Investment Advisors Inc. lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 1.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,349 shares of the financial services provider’s stock after purchasing an additional 2,467 shares during the quarter. GHP Investment Advisors Inc.’s holdings in Bank of America were worth $5,172,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Consolidated Portfolio Review Corp increased its holdings in shares of Bank of America by 3.4% during the third quarter. Consolidated Portfolio Review Corp now owns 12,871 shares of the financial services provider’s stock valued at $511,000 after acquiring an additional 419 shares in the last quarter. Pathway Financial Advisers LLC increased its stake in Bank of America by 1,842.7% during the 3rd quarter. Pathway Financial Advisers LLC now owns 571,160 shares of the financial services provider’s stock valued at $22,664,000 after purchasing an additional 541,760 shares in the last quarter. Viewpoint Capital Management LLC raised its holdings in Bank of America by 1.2% during the third quarter. Viewpoint Capital Management LLC now owns 161,079 shares of the financial services provider’s stock worth $6,347,000 after buying an additional 1,980 shares during the last quarter. Sageworth Trust Co bought a new position in shares of Bank of America in the third quarter valued at $326,000. Finally, Arkadios Wealth Advisors grew its holdings in shares of Bank of America by 3.9% during the third quarter. Arkadios Wealth Advisors now owns 112,464 shares of the financial services provider’s stock valued at $4,463,000 after buying an additional 4,192 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on BAC. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. BMO Capital Markets lifted their price objective on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Finally, Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Bank of America Trading Down 1.8 %

Shares of BAC opened at $41.89 on Friday. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The business has a 50-day moving average of $40.24 and a 200 day moving average of $39.59. The firm has a market cap of $325.05 billion, a P/E ratio of 15.23, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The company 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 12.48% and a return on equity of 10.09%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 earnings per share. As a group, research analysts forecast that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Announces Dividend

The business 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 $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.48%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America declared that its board has approved a stock buyback program on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated 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 directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 125,336,839 shares of company stock valued at $5,049,968,704. Corporate insiders own 0.29% of the company’s stock.

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.