Bank of America Co. (NYSE:BAC) Shares Sold by Baker Tilly Wealth Management LLC

Baker Tilly Wealth Management LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 37.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 18,039 shares of the financial services provider’s stock after selling 10,835 shares during the quarter. Baker Tilly Wealth Management LLC’s holdings in Bank of America were worth $716,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in BAC. Trilogy Capital Inc. acquired a new position in Bank of America during the first quarter worth $214,000. Aviance Capital Partners LLC raised its stake in shares of Bank of America by 55.0% during the 1st quarter. Aviance Capital Partners LLC now owns 22,770 shares of the financial services provider’s stock worth $863,000 after buying an additional 8,076 shares during the last quarter. BKM Wealth Management LLC boosted its position in shares of Bank of America by 30.1% in the 1st quarter. BKM Wealth Management LLC now owns 5,243 shares of the financial services provider’s stock worth $199,000 after buying an additional 1,213 shares in the last quarter. Miracle Mile Advisors LLC grew its stake in Bank of America by 2.1% in the 1st quarter. Miracle Mile Advisors LLC now owns 19,229 shares of the financial services provider’s stock valued at $729,000 after acquiring an additional 388 shares during the last quarter. Finally, Leonard Rickey Investment Advisors P.L.L.C. purchased a new position in Bank of America during the 1st quarter valued at about $226,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, 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 disclosure for this sale can be found here. Over the last three months, insiders sold 120,072,238 shares of company stock worth $4,833,067,143. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on BAC. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Oppenheimer boosted their price target on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Barclays raised their price objective on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a report on Friday, October 18th. Finally, Morgan Stanley increased their price objective 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. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Bank of America Trading Up 0.3 %

BAC opened at $42.03 on Monday. The firm has a market capitalization of $328.69 billion, a P/E ratio of 14.49, a P/E/G ratio of 1.43 and a beta of 1.33. The firm’s 50 day moving average is $40.24 and its 200-day moving average is $39.62. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 52-week low of $25.28 and a 52-week 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the prior year, the company posted $0.90 EPS. Analysts expect that Bank of America Co. will post 3.26 EPS for the current fiscal year.

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

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.47%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

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.