Silicon Valley Capital Partners Purchases 8,674 Shares of Bank of America Co. (NYSE:BAC)

Silicon Valley Capital Partners boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 3.8% during the third quarter, Holdings Channel.com reports. The firm owned 235,427 shares of the financial services provider’s stock after purchasing an additional 8,674 shares during the quarter. Bank of America makes up about 1.2% of Silicon Valley Capital Partners’ investment portfolio, making the stock its 22nd biggest position. Silicon Valley Capital Partners’ holdings in Bank of America were worth $9,342,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quent Capital LLC raised its stake in shares of Bank of America by 3.6% during the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock valued at $1,129,000 after buying an additional 1,037 shares during the last quarter. Mutual Advisors LLC raised its position 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 boosted its stake in shares of Bank of America by 10.8% in the first quarter. Proficio Capital Partners LLC now owns 15,750 shares of the financial services provider’s stock valued at $597,000 after purchasing an additional 1,533 shares during the period. BI Asset Management Fondsmaeglerselskab A S raised its position in Bank of America by 1.5% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,089,877 shares of the financial services provider’s stock valued at $41,328,000 after purchasing an additional 16,118 shares in the last quarter. Finally, Easterly Investment Partners LLC grew its stake in shares of Bank of America by 69.3% during the first quarter. Easterly Investment Partners LLC now owns 604,514 shares of the financial services provider’s stock worth $22,923,000 after purchasing an additional 247,400 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on BAC shares. Piper Sandler upgraded shares of 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 research note on Tuesday, July 9th. Oppenheimer upped their target price on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Barclays raised their price objective on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.69.

Insider Activity at Bank of America

In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their position. 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 stock in a transaction that occurred on 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 completion of the sale, 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 link. Also, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total value of $90,533,647.05. Following the completion of the transaction, the insider now owns 812,041,811 shares in the company, valued at $31,888,881,917.97. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070. 0.29% of the stock is owned by insiders.

Bank of America Trading Down 0.2 %

Shares of BAC stock opened at $41.66 on Monday. Bank of America Co. has a 52-week low of $27.34 and a 52-week high of $44.44. The company has a market capitalization of $319.65 billion, a PE ratio of 15.19, a price-to-earnings-growth ratio of 1.42 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The business’s fifty day moving average is $40.54 and its 200 day moving average is $39.85.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the prior 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, equities research analysts anticipate that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.50%. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board 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.