50,772 Shares in Bank of America Co. (NYSE:BAC) Purchased by Arete Wealth Advisors LLC

Arete Wealth Advisors LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 50,772 shares of the financial services provider’s stock, valued at approximately $2,011,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. SteelPeak Wealth LLC grew its position in shares of Bank of America by 37.7% in the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after purchasing an additional 14,901 shares during the period. Corundum Group Inc. grew its holdings in Bank of America by 46.8% in the 2nd quarter. Corundum Group Inc. now owns 36,711 shares of the financial services provider’s stock valued at $1,460,000 after buying an additional 11,695 shares during the period. Red Door Wealth Management LLC grew its holdings in Bank of America by 5.3% in the second quarter. Red Door Wealth Management LLC now owns 161,260 shares of the financial services provider’s stock valued at $6,413,000 after purchasing an additional 8,187 shares during the period. Archford Capital Strategies LLC purchased a new stake in Bank of America in the second quarter valued at approximately $271,000. Finally, Welch Group LLC grew its holdings in Bank of America by 5.8% in the second quarter. Welch Group LLC now owns 42,621 shares of the financial services provider’s stock valued at $1,695,000 after purchasing an additional 2,327 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock in a transaction on 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 of the company’s stock, valued at $31,888,881,917.97. The trade was a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last quarter, insiders sold 55,223,897 shares of company stock worth $2,232,505,985. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Price Performance

Shares of NYSE BAC opened at $45.77 on Wednesday. Bank of America Co. has a fifty-two week low of $30.45 and a fifty-two week high of $48.08. 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 firm has a market cap of $351.19 billion, a PE ratio of 16.64, a price-to-earnings-growth ratio of 1.58 and a beta of 1.33. The business has a 50 day moving average price of $43.87 and a two-hundred day moving average price of $41.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during 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 firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the business earned $0.90 EPS. Sell-side analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared 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. 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 2.27%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on BAC shares. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Wells Fargo & Company lifted their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Oppenheimer increased their target price on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, September 3rd. Finally, Piper Sandler boosted their price objective on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.92.

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.