Bank of America Co. (NYSE:BAC) Shares Purchased by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 30,139.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 234,052 shares of the financial services provider’s stock after acquiring an additional 233,278 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Bank of America were worth $9,287,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after acquiring an additional 36,124,363 shares during the last quarter. Legal & General Group Plc boosted its holdings in Bank of America by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after purchasing an additional 895,884 shares during the last quarter. Capital World Investors boosted its holdings in Bank of America by 0.4% in the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock valued at $1,530,241,000 after purchasing an additional 165,070 shares during the last quarter. Pzena Investment Management LLC boosted its holdings in Bank of America by 4.7% in the 1st quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock valued at $813,983,000 after purchasing an additional 954,885 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its holdings in Bank of America by 23.6% in the 2nd quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock valued at $646,693,000 after purchasing an additional 3,109,197 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent analyst reports. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. BMO Capital Markets boosted their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Barclays boosted their price target on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Finally, Oppenheimer boosted their price target on shares of Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $42.27.

Bank of America Trading Up 5.0 %

Shares of NYSE:BAC opened at $41.95 on Monday. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The company’s 50 day moving average is $39.41 and its two-hundred day moving average is $39.27. 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 company has a market cap of $328.06 billion, a PE ratio of 14.52, a P/E/G ratio of 1.39 and a beta of 1.33.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a $0.26 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.48%. Bank of America’s dividend payout ratio is presently 35.99%.

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

Insider Activity

In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $402,355.91. Following the transaction, 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 160,921,082 shares of company stock worth $6,582,343,525. Corporate insiders own 0.29% of the company’s stock.

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.