Bank of America Co. (NYSE:BAC) Shares Sold by Klingenstein Fields & Co. LP

Klingenstein Fields & Co. LP lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.4% during the 3rd quarter, Holdings Channel reports. The firm owned 83,460 shares of the financial services provider’s stock after selling 334 shares during the period. Klingenstein Fields & Co. LP’s holdings in Bank of America were worth $3,312,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Quent Capital LLC grew its stake in shares of Bank of America by 3.6% in the first quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after acquiring an additional 1,037 shares in the last quarter. Mutual Advisors LLC boosted its holdings in Bank of America by 11.4% in the first quarter. Mutual Advisors LLC now owns 93,357 shares of the financial services provider’s stock valued at $3,540,000 after purchasing an additional 9,548 shares during the period. Proficio Capital Partners LLC grew its stake in Bank of America by 10.8% during the 1st quarter. Proficio Capital Partners LLC now owns 15,750 shares of the financial services provider’s stock worth $597,000 after purchasing an additional 1,533 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its holdings in Bank of America by 1.5% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,089,877 shares of the financial services provider’s stock worth $41,328,000 after purchasing an additional 16,118 shares during the period. Finally, Easterly Investment Partners LLC raised its position in Bank of America by 69.3% in the 1st quarter. Easterly Investment Partners LLC now owns 604,514 shares of the financial services provider’s stock valued at $22,923,000 after purchasing an additional 247,400 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Tuesday, September 3rd. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Morgan Stanley increased their price objective on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. Finally, Barclays increased 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, October 16th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Insiders Place Their Bets

In other news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,067,817 shares of company stock worth $4,548,518,070. 0.29% of the stock is owned by insiders.

Bank of America Stock Performance

Shares of BAC opened at $41.68 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $319.81 billion, a PE ratio of 15.19, a price-to-earnings-growth ratio of 1.42 and a beta of 1.32. The company’s 50 day simple moving average is $40.54 and its 200-day simple moving average is $39.85. Bank of America Co. has a 12-month low of $27.34 and a 12-month high of $44.44.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. As a group, equities analysts predict that Bank of America Co. will post 3.26 EPS for the current year.

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 given a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.50%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Bank of America declared that its board has initiated a stock repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are typically a sign 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.