Bank of America Co. (NYSE:BAC) Shares Sold by Pittenger & Anderson Inc.

Pittenger & Anderson Inc. lowered its position in shares of Bank of America Co. (NYSE:BAC) by 7.6% in the third quarter, HoldingsChannel.com reports. The fund owned 5,600 shares of the financial services provider’s stock after selling 460 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Bank of America were worth $222,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in BAC. Clarity Financial LLC lifted its holdings in shares of Bank of America by 82.2% during the third quarter. Clarity Financial LLC now owns 14,397 shares of the financial services provider’s stock worth $571,000 after purchasing an additional 6,495 shares during the period. Sentry Investment Management LLC raised its position in Bank of America by 49.1% during the 3rd quarter. Sentry Investment Management LLC now owns 32,911 shares of the financial services provider’s stock worth $1,306,000 after buying an additional 10,839 shares during the last quarter. United Advisor Group LLC lifted its stake in Bank of America by 95.8% during the 3rd quarter. United Advisor Group LLC now owns 19,681 shares of the financial services provider’s stock valued at $781,000 after acquiring an additional 9,631 shares during the period. ASB Consultores LLC boosted its holdings in shares of Bank of America by 5.2% in the 3rd quarter. ASB Consultores LLC now owns 20,532 shares of the financial services provider’s stock valued at $815,000 after acquiring an additional 1,008 shares during the last quarter. Finally, Stoneridge Investment Partners LLC acquired a new stake in shares of Bank of America in the third quarter worth $2,967,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $41.89 on Wednesday. The stock’s fifty day moving average is $40.61 and its two-hundred day moving average is $39.92. The firm has a market capitalization of $321.42 billion, a P/E ratio of 15.23, a price-to-earnings-growth ratio of 1.42 and a beta of 1.32. 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 Co. has a fifty-two week low of $27.34 and a fifty-two week high of $44.44.

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, topping 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%. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.90 earnings per share. On average, research analysts anticipate that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America Announces Dividend

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 given 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 yield of 2.48%. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America announced that its board has initiated a stock buyback 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 often a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms recently issued reports on BAC. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Cfra reissued a “sell” rating and issued a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. BMO Capital Markets raised 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 research note on Thursday, July 18th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.97.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction 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 sale, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. 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 through the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. 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 through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on 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 owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,067,817 shares of company stock worth $4,548,518,070 over the last quarter. 0.29% of the stock is currently owned by company insiders.

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.