Bank of America Co. (NYSE:BAC) Position Lowered by Osborne Partners Capital Management LLC

Osborne Partners Capital Management LLC decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 7.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 7,932 shares of the financial services provider’s stock after selling 615 shares during the quarter. Osborne Partners Capital Management LLC’s holdings in Bank of America were worth $315,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of BAC. Delos Wealth Advisors LLC lifted its position in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the last quarter. Fairway Wealth LLC bought a new position in shares of Bank of America during the second quarter worth about $27,000. POM Investment Strategies LLC lifted its position in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America during the second quarter worth about $30,000. Finally, Clearstead Trust LLC lifted its holdings in Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 834 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction that occurred 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 transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 125,336,839 shares of company stock worth $5,049,968,704. 0.29% of the stock is owned by insiders.

Bank of America Price Performance

NYSE BAC opened at $41.89 on Friday. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. 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 firm has a market capitalization of $325.05 billion, a PE ratio of 15.23, a P/E/G ratio of 1.43 and a beta of 1.33. The company’s 50 day simple moving average is $40.24 and its 200 day simple moving average is $39.59.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) 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 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 firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 earnings per share. As a group, equities research analysts forecast that Bank of America Co. will post 3.26 EPS for the current fiscal year.

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

Bank of America Announces Dividend

The firm also recently declared 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 annualized dividend and a yield of 2.48%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. Evercore ISI raised their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

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.