Copley Financial Group Inc. Takes Position in Bank of America Co. (NYSE:BAC)

Copley Financial Group Inc. purchased a new stake in Bank of America Co. (NYSE:BAC) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 13,859 shares of the financial services provider’s stock, valued at approximately $550,000.

A number of other institutional investors also recently modified their holdings of BAC. Geode Capital Management LLC raised its holdings in Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares in the last quarter. Legal & General Group Plc raised its holdings in Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after acquiring an additional 895,884 shares in the last quarter. Fisher Asset Management LLC raised its holdings in Bank of America by 4.0% during the third quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock worth $1,794,164,000 after acquiring an additional 1,731,003 shares in the last quarter. Sanders Capital LLC raised its holdings in Bank of America by 2.8% during the third quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock worth $886,499,000 after acquiring an additional 601,211 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. raised its holdings in Bank of America by 0.4% during the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after acquiring an additional 59,853 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

NYSE:BAC traded down $0.44 during trading hours on Friday, reaching $45.64. 4,182,641 shares of the company were exchanged, compared to its average volume of 38,097,055. The company has a market capitalization of $350.19 billion, a P/E ratio of 16.76, a P/E/G ratio of 1.56 and a beta of 1.33. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business has a 50 day moving average of $44.27 and a 200 day moving average of $41.43.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.90 earnings per share. Research analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’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 directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 55,223,897 shares of company stock worth $2,232,505,985 over the last three months. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on BAC shares. Wells Fargo & Company upped their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Oppenheimer upped their target price on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Piper Sandler upped their target price on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.92.

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.