Dover Advisors LLC Has $403,000 Stock Position in Bank of America Co. (NYSE:BAC)

Dover Advisors LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 4.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,145 shares of the financial services provider’s stock after selling 528 shares during the period. Dover Advisors LLC’s holdings in Bank of America were worth $403,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Delos Wealth Advisors LLC boosted its holdings in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares in the last quarter. Fairway Wealth LLC bought a new position in Bank of America during the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC lifted its holdings in 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 during the period. Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at about $30,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the 1st quarter worth approximately $33,000. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BAC. Cfra reissued a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. Jefferies Financial Group raised their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Morgan Stanley dropped their price objective on Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $42.27.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 160,921,082 shares of company stock valued at $6,582,343,525 in the last ninety days. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Stock Up 0.5 %

Shares of NYSE:BAC traded up $0.23 during trading on Tuesday, hitting $42.14. The stock had a trading volume of 60,472,189 shares, compared to its average volume of 38,924,348. The company has a market capitalization of $329.55 billion, a PE ratio of 14.73, 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. The firm’s fifty day moving average is $39.51 and its 200 day moving average is $39.30. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, meeting the consensus estimate of $0.81. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter last year, the firm posted $0.90 earnings per share. Analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were paid a dividend of $0.26 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.47%. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America announced that its Board of Directors has initiated a share repurchase plan 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 reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

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.