Sweet Financial Partners LLC Trims Stock Position in Bank of America Co. (NYSE:BAC)

Sweet Financial Partners LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 1.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,138 shares of the financial services provider’s stock after selling 244 shares during the quarter. Sweet Financial Partners LLC’s holdings in Bank of America were worth $759,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Perpetual Ltd boosted its holdings in shares of Bank of America by 30.0% in the first quarter. Perpetual Ltd now owns 86,676 shares of the financial services provider’s stock valued at $3,287,000 after acquiring an additional 20,021 shares during the period. Signal Advisors Wealth LLC acquired a new stake in Bank of America during the 1st quarter worth $214,000. Park Avenue Securities LLC boosted its stake in Bank of America by 10.9% during the 1st quarter. Park Avenue Securities LLC now owns 99,869 shares of the financial services provider’s stock worth $3,787,000 after purchasing an additional 9,784 shares during the period. Fragasso Group Inc. purchased a new position in Bank of America during the 1st quarter worth $231,000. Finally, BTC Capital Management Inc. acquired a new position in Bank of America in the first quarter valued at $758,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Oppenheimer increased their target price on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday. Evercore ISI increased their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday. Barclays boosted their target price on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Cfra reissued a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.62.

Bank of America Stock Performance

BAC opened at $42.61 on Friday. The stock’s 50 day simple moving average is $39.81 and its 200 day simple moving average is $39.38. The stock has a market cap of $333.23 billion, a P/E ratio of 14.74, a P/E/G ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 1-year low of $24.96 and a 1-year 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.

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 analysts’ consensus estimates 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 business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter last year, the business posted $0.90 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. As a group, equities analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America Dividend Announcement

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 issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.44%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Bank of America declared that its Board of Directors has approved a share buyback program 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 buy up to 7.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, 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 completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of Bank of America 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 in the company, valued at $42,096,677,379.78. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction 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 sale, the insider now owns 10,907 shares of the company’s stock, 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. Insiders have sold 144,633,120 shares of company stock worth $5,862,871,640 over the last ninety days. 0.29% of the stock is currently owned by insiders.

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.