Bank of America Co. (NYSE:BAC) Shares Sold by Traphagen Investment Advisors LLC

Traphagen Investment Advisors LLC lowered its holdings in Bank of America Co. (NYSE:BAC) by 2.7% in the third quarter, Holdings Channel.com reports. The fund owned 10,734 shares of the financial services provider’s stock after selling 296 shares during the quarter. Traphagen Investment Advisors LLC’s holdings in Bank of America were worth $426,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after purchasing an additional 36,124,363 shares during the period. AMF Tjanstepension AB grew its position in Bank of America by 959.6% during the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after buying an additional 8,447,091 shares during the period. Swedbank AB purchased a new position in Bank of America in the first quarter valued at about $261,923,000. 1832 Asset Management L.P. lifted its position in shares of Bank of America by 1,432.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after acquiring an additional 5,749,567 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Bank of America by 290.7% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock worth $269,763,000 after acquiring an additional 5,293,000 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $42.39, for a total value of $229,779,191.61. Following the transaction, the insider now directly owns 980,061,561 shares of the company’s stock, valued at approximately $41,544,809,570.79. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $42.39, for a total value of $229,779,191.61. Following the transaction, the insider now owns 980,061,561 shares in the company, valued at approximately $41,544,809,570.79. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred 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 transaction, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 138,284,099 shares of company stock valued at $5,593,609,660. Insiders own 0.29% of the company’s stock.

Bank of America Trading Up 0.2 %

Shares of BAC stock traded up $0.07 during mid-day trading on Tuesday, hitting $41.83. 8,863,509 shares of the company’s stock were exchanged, compared to its average volume of 38,657,578. The stock has a market cap of $327.13 billion, a price-to-earnings ratio of 14.47, a PEG ratio of 1.39 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The stock has a 50-day simple moving average of $39.97 and a two-hundred day simple moving average of $39.47.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The firm 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 10.56% and a net margin of 13.28%. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.90 earnings per share. Equities analysts expect that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has approved a share buyback program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.49%. Bank of America’s payout ratio is 35.99%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Barclays lifted their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.69.

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.