Bank of America Co. (NYSE:BAC) Shares Bought by Prana Capital Management LP

Prana Capital Management LP increased its stake in Bank of America Co. (NYSE:BAC) by 371.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,056,064 shares of the financial services provider’s stock after acquiring an additional 1,619,678 shares during the period. Bank of America makes up 3.7% of Prana Capital Management LP’s investment portfolio, making the stock its 9th largest position. Prana Capital Management LP’s holdings in Bank of America were worth $81,585,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the second quarter worth $27,000. POM Investment Strategies LLC grew 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 valued at $29,000 after buying an additional 646 shares in the last quarter. Kennebec Savings Bank acquired a new position in Bank of America during the 3rd quarter worth approximately $29,000. Bbjs Financial Advisors LLC purchased a new position in Bank of America in the 2nd quarter worth approximately $30,000. Finally, Christopher J. Hasenberg Inc raised its stake in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total value of $90,533,647.05. Following the completion of the transaction, the insider now owns 812,041,811 shares of the company’s stock, valued at approximately $31,888,881,917.97. This trade represents a 0.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 61,976,277 shares of company stock worth $2,503,269,682 in the last three months. 0.29% of the stock is currently owned by insiders.

Bank of America Stock Performance

Shares of NYSE BAC opened at $46.79 on Wednesday. Bank of America Co. has a 1 year low of $30.33 and a 1 year high of $48.08. The firm has a market cap of $359.01 billion, a P/E ratio of 17.01, a PEG ratio of 1.59 and a beta of 1.33. The stock has a fifty day moving average price of $43.31 and a two-hundred day moving average price of $41.12. 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 (NYSE:BAC) last issued its quarterly earnings results 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. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the prior year, the company earned $0.90 EPS. Bank of America’s revenue was up .4% on a year-over-year basis. Research analysts forecast that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Piper Sandler lifted their price target on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday. Barclays lifted 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. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Evercore ISI boosted their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $45.57.

Bank of America 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.