Bank of America Co. (NYSE:BAC) Shares Acquired by Pathway Financial Advisers LLC

Pathway Financial Advisers LLC grew its position in Bank of America Co. (NYSE:BAC) by 1,842.7% during the third quarter, Holdings Channel reports. The firm owned 571,160 shares of the financial services provider’s stock after acquiring an additional 541,760 shares during the period. Pathway Financial Advisers LLC’s holdings in Bank of America were worth $22,664,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of BAC. 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 during the period. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the second quarter worth about $27,000. POM Investment Strategies LLC boosted its stake in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America in the second quarter worth about $30,000. Finally, Clearstead Trust LLC boosted its stake in shares of Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after buying an additional 834 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America 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 completion of the sale, the insider now directly 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 disclosure for this sale can be found here. Insiders sold a total of 113,078,718 shares of company stock valued at $4,548,920,425 over the last quarter. 0.29% of the stock is owned by insiders.

Bank of America Price Performance

NYSE:BAC opened at $42.53 on Wednesday. Bank of America Co. has a one year low of $25.28 and a one year high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market cap of $330.01 billion, a PE ratio of 15.47, a P/E/G ratio of 1.42 and a beta of 1.33. The stock has a 50 day moving average price of $40.37 and a 200 day moving average price of $39.71.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. Equities research analysts expect that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a share buyback plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.45%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent research reports. BMO Capital Markets upped their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Evercore ISI increased their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Tuesday, September 3rd. Finally, Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.