Bank of America Co. (NYSE:BAC) Shares Sold by Asio Capital LLC

Asio Capital LLC lessened its holdings in Bank of America Co. (NYSE:BAC) by 6.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 156,621 shares of the financial services provider’s stock after selling 11,271 shares during the period. Bank of America makes up 1.2% of Asio Capital LLC’s holdings, making the stock its 25th biggest holding. Asio Capital LLC’s holdings in Bank of America were worth $6,215,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. DRW Securities LLC raised its stake in shares of Bank of America by 328.3% in the fourth quarter. DRW Securities LLC now owns 76,992 shares of the financial services provider’s stock worth $2,592,000 after purchasing an additional 59,016 shares during the last quarter. Childress Capital Advisors LLC raised its stake in shares of Bank of America by 19.9% in the fourth quarter. Childress Capital Advisors LLC now owns 22,699 shares of the financial services provider’s stock worth $764,000 after purchasing an additional 3,765 shares during the last quarter. Sanibel Captiva Trust Company Inc. purchased a new position in shares of Bank of America in the fourth quarter worth about $9,236,000. Trail Ridge Investment Advisors LLC purchased a new position in shares of Bank of America in the fourth quarter worth about $202,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Bank of America in the fourth quarter worth about $1,133,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 5.0 %

NYSE:BAC opened at $41.95 on Friday. The stock has a 50-day simple moving average of $39.41 and a 200-day simple moving average of $39.25. The stock has a market cap of $325.51 billion, a P/E ratio of 14.77, 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 quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.88 EPS. As a group, analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend was Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is currently 36.62%.

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Barclays lifted their price target on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $40.14, for a total transaction of $160,649,311.50. Following the transaction, the insider now owns 776,614,511 shares in the company, valued at $31,173,306,471.54. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on 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 transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of Bank of America stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total value of $160,649,311.50. Following the completion of the transaction, the insider now owns 776,614,511 shares in the company, valued at $31,173,306,471.54. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 160,921,082 shares of company stock worth $6,582,343,525 in the last quarter. 0.29% of the stock is owned by insiders.

About Bank of America

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.