Embree Financial Group Sells 321 Shares of Bank of America Co. (NYSE:BAC)

Embree Financial Group cut its stake in Bank of America Co. (NYSE:BAC) by 0.3% in the third quarter, HoldingsChannel.com reports. The fund owned 92,179 shares of the financial services provider’s stock after selling 321 shares during the period. Embree Financial Group’s holdings in Bank of America were worth $3,658,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of BAC. McAdam LLC increased its stake in shares of Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 238 shares during the last quarter. BTC Capital Management Inc. grew its position in Bank of America by 1.2% in the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after acquiring an additional 248 shares during the last quarter. Central Bank & Trust Co. raised its stake in Bank of America by 15.1% during the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 248 shares in the last quarter. SNS Financial Group LLC raised its stake in Bank of America by 3.3% during the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after acquiring an additional 248 shares in the last quarter. Finally, Verdence Capital Advisors LLC lifted its holdings in shares of Bank of America by 0.3% in the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after acquiring an additional 251 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $42.39, for a total value of $229,779,191.61. Following the completion of the sale, the insider now directly owns 980,061,561 shares of the company’s stock, valued at $41,544,809,570.79. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $42.39, for a total transaction of $229,779,191.61. Following the completion of the sale, the insider now owns 980,061,561 shares in the company, valued at $41,544,809,570.79. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 144,633,120 shares of company stock valued at $5,862,871,640 in the last 90 days. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Stock Down 0.7 %

Shares of Bank of America stock opened at $42.32 on Friday. The firm has a market cap of $330.96 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.39 and a beta of 1.33. The stock’s 50-day moving average is $39.89 and its 200 day moving average is $39.43. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter last year, the firm posted $0.90 EPS. The company’s quarterly revenue was up .4% on a year-over-year basis. Equities research analysts anticipate that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America declared that its board has authorized a share buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. Bank of America’s dividend payout ratio is currently 35.99%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research analyst reports. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Oppenheimer upped their price target on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday. Morgan Stanley raised their price objective on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday. Jefferies Financial Group upped their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

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.