ASB Consultores LLC Has $815,000 Stake in Bank of America Co. (NYSE:BAC)

ASB Consultores LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 5.2% during the third quarter, HoldingsChannel reports. The fund owned 20,532 shares of the financial services provider’s stock after buying an additional 1,008 shares during the quarter. ASB Consultores LLC’s holdings in Bank of America were worth $815,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Stoneridge Investment Partners LLC bought a new stake in shares of Bank of America during the third quarter worth about $2,967,000. Greenwood Capital Associates LLC grew its holdings in Bank of America by 4.8% during the 3rd quarter. Greenwood Capital Associates LLC now owns 123,267 shares of the financial services provider’s stock worth $4,891,000 after acquiring an additional 5,647 shares during the last quarter. FSM Wealth Advisors LLC increased its position in Bank of America by 19.0% in the 3rd quarter. FSM Wealth Advisors LLC now owns 7,077 shares of the financial services provider’s stock valued at $281,000 after acquiring an additional 1,131 shares during the period. Catalyst Capital Advisors LLC bought a new position in shares of Bank of America during the third quarter valued at $1,047,000. Finally, Hazlett Burt & Watson Inc. lifted its holdings in shares of Bank of America by 4.2% during the third quarter. Hazlett Burt & Watson Inc. now owns 12,464 shares of the financial services provider’s stock worth $496,000 after purchasing an additional 500 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Barclays raised their target price on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. BMO Capital Markets raised their price target 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. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. Finally, Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Insiders Place Their Bets

In related news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on 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 transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’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 completion of the sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on 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 transaction, the insider now directly owns 96,082 shares in the company, 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. In the last ninety days, insiders sold 113,067,817 shares of company stock valued at $4,548,518,070. Corporate insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Shares of BAC opened at $41.33 on Tuesday. The business’s fifty day moving average is $40.56 and its 200 day moving average is $39.89. Bank of America Co. has a 12-month low of $27.34 and a 12-month high of $44.44. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market cap of $317.12 billion, a P/E ratio of 15.03, a P/E/G ratio of 1.42 and a beta of 1.32.

Bank of America (NYSE:BAC) last released 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 firm 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 business’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the firm earned $0.90 earnings per share. Sell-side analysts anticipate that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared 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 of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.52%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

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

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.