Bank of America Co. (NYSE:BAC) Shares Sold by Mitchell & Pahl Private Wealth LLC

Mitchell & Pahl Private Wealth LLC decreased its holdings in Bank of America Co. (NYSE:BAC) by 1.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,307 shares of the financial services provider’s stock after selling 488 shares during the quarter. Mitchell & Pahl Private Wealth LLC’s holdings in Bank of America were worth $1,123,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. American National Bank & Trust Co. VA purchased a new stake in shares of Bank of America during the first quarter worth about $1,322,000. Citizens Financial Group Inc. RI grew its position in Bank of America by 27.1% during the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after purchasing an additional 20,916 shares during the last quarter. Foster Group Inc. increased its stake in Bank of America by 19.4% during the 1st quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock valued at $340,000 after purchasing an additional 1,457 shares in the last quarter. Councilmark Asset Management LLC purchased a new position in shares of Bank of America in the first quarter worth $771,000. Finally, SteelPeak Wealth LLC grew its holdings in shares of Bank of America by 37.7% during the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after buying an additional 14,901 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $42.41, for a total value of $269,261,980.61. Following the transaction, the insider now directly owns 992,612,058 shares in the company, valued at $42,096,677,379.78. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 148,230,389 shares of company stock worth $6,023,064,684. Corporate insiders own 0.29% of the company’s stock.

Bank of America Price Performance

NYSE BAC remained flat at $42.80 on Thursday. 11,804,562 shares of the company traded hands, compared to its average volume of 38,803,887. 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 company’s 50-day moving average price is $39.72 and its two-hundred day moving average price is $39.35. The stock has a market capitalization of $334.71 billion, a P/E ratio of 14.84, a PEG ratio of 1.39 and a beta of 1.33. 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 issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the company posted $0.90 EPS. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Co. will post 3.25 EPS for the current year.

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

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.43%. Bank of America’s dividend payout ratio is currently 35.99%.

Analyst Ratings Changes

BAC has been the subject of a number of research analyst reports. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. BMO Capital Markets increased their price objective on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Finally, Barclays upped their price target on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $42.62.

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.