Pitti Group Wealth Management LLC Has $1.01 Million Holdings in Bank of America Co. (NYSE:BAC)

Pitti Group Wealth Management LLC increased its position in Bank of America Co. (NYSE:BAC) by 4.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,466 shares of the financial services provider’s stock after acquiring an additional 1,016 shares during the quarter. Bank of America comprises about 1.1% of Pitti Group Wealth Management LLC’s investment portfolio, making the stock its 24th biggest position. Pitti Group Wealth Management LLC’s holdings in Bank of America were worth $1,013,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Delos Wealth Advisors LLC grew its position in 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 buying an additional 547 shares in the last quarter. Livelsberger Financial Advisory acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $28,000. POM Investment Strategies LLC increased 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 valued at $29,000 after purchasing an additional 646 shares during the period. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America in the second quarter valued at approximately $30,000. Finally, Northwest Investment Counselors LLC bought a new position in Bank of America in the 1st quarter valued at $33,000. 70.71% of the stock is currently owned by institutional investors.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $39.57, for a total value of $68,114,452.62. Following the completion of the transaction, the insider now directly owns 861,175,131 shares in the company, valued at $34,076,699,933.67. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $39.57, for a total value of $68,114,452.62. Following the completion of the sale, the insider now owns 861,175,131 shares in the company, valued at $34,076,699,933.67. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 114,391,986 shares of company stock valued at $4,719,796,383. 0.29% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. BMO Capital Markets raised their price objective on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Morgan Stanley increased their price target on Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $42.22.

Bank of America Stock Performance

Shares of Bank of America stock opened at $39.10 on Tuesday. 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 cap of $305.78 billion, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The stock’s 50-day moving average is $40.11 and its 200-day moving average is $38.77.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.88 EPS. Equities analysts predict that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America announced that its board has authorized a share repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.66%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. Bank of America’s dividend payout ratio is currently 35.99%.

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.