Bank of America Co. (NYSE:BAC) Shares Acquired by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 10.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 40,910 shares of the financial services provider’s stock after buying an additional 3,991 shares during the period. Palumbo Wealth Management LLC’s holdings in Bank of America were worth $1,623,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Delos Wealth Advisors LLC lifted its stake in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the period. Fairway Wealth LLC acquired a new position in Bank of America in the second quarter valued at $27,000. POM Investment Strategies LLC lifted its position in 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 buying an additional 646 shares during the period. Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the 2nd quarter worth about $30,000. Finally, Clearstead Trust LLC grew its holdings in Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after buying an additional 834 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Cfra reaffirmed a “sell” rating and set a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Evercore ISI boosted their price objective on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Jefferies Financial Group increased their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Finally, Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Bank of America Stock Up 0.0 %

Shares of NYSE:BAC traded up $0.01 during trading on Thursday, hitting $42.32. The company’s stock had a trading volume of 3,032,858 shares, compared to its average volume of 38,326,016. Bank of America Co. has a fifty-two week low of $25.72 and a fifty-two week high of $44.44. The stock’s 50-day moving average price is $40.44 and its two-hundred day moving average price is $39.73. 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 company has a market capitalization of $328.39 billion, a PE ratio of 15.40, a PEG ratio of 1.42 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 10.09% and a net margin of 12.48%. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the company posted $0.90 EPS. As a group, sell-side analysts expect that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Announces Dividend

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 given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

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

Insider Activity

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares in the company, valued at $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 is available through this link. In other Bank of America 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 transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the insider now owns 96,082 shares in the company, valued at approximately $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. In the last 90 days, insiders have sold 113,078,718 shares of company stock worth $4,548,920,425. 0.29% of the stock is currently owned by corporate insiders.

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.