Marshall Financial Group LLC Purchases 274 Shares of Bank of America Co. (NYSE:BAC)

Marshall Financial Group LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 1.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,360 shares of the financial services provider’s stock after buying an additional 274 shares during the quarter. Marshall Financial Group LLC’s holdings in Bank of America were worth $848,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Delos Wealth Advisors LLC grew its stake in shares of Bank of America by 402.2% in 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 stake in shares of Bank of America in the 2nd quarter valued at about $27,000. POM Investment Strategies LLC increased its stake in shares of 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 position in shares of Bank of America during the second quarter worth about $30,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America in the first quarter worth approximately $33,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $42.41, for a total value of $269,261,980.61. Following the transaction, the insider now owns 992,612,058 shares of the company’s stock, valued at approximately $42,096,677,379.78. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $42.41, for a total transaction of $269,261,980.61. Following the sale, the insider now owns 992,612,058 shares in the company, valued at approximately $42,096,677,379.78. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 144,633,120 shares of company stock valued at $5,862,871,640 in the last three months. Company insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $42.61 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. 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 market cap of $333.23 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The stock has a fifty day moving average of $39.81 and a 200-day moving average of $39.38.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the business posted $0.90 earnings per share. The company’s revenue was up .4% on a year-over-year basis. Equities research analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current year.

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

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is presently 35.99%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent analyst reports. BMO Capital Markets increased their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft upgraded 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. Oppenheimer increased their price target on Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Evercore ISI raised their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $42.62.

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.