Carmichael Hill & Associates Inc. Reduces Position in Bank of America Co. (NYSE:BAC)

Carmichael Hill & Associates Inc. reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 7.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 3,019 shares of the financial services provider’s stock after selling 250 shares during the period. Carmichael Hill & Associates Inc.’s holdings in Bank of America were worth $120,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Delos Wealth Advisors LLC grew its position in Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after buying an additional 547 shares during the last quarter. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the second quarter valued at about $27,000. POM Investment Strategies LLC boosted its holdings in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the second quarter worth about $30,000. Finally, Clearstead Trust LLC raised its holdings in Bank of America by 1,489.3% during the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 834 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.1 %

Shares of BAC stock opened at $41.76 on Friday. Bank of America Co. has a twelve month low of $26.59 and a twelve month high of $44.44. The firm has a 50-day moving average price of $40.54 and a 200 day moving average price of $39.82. The company has a market capitalization of $320.42 billion, a price-to-earnings ratio of 15.19, a PEG ratio of 1.42 and a beta of 1.32. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.90 EPS. Research analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America declared that its board has approved a stock repurchase 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 repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued 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 2.49%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insider Activity

In related news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction that occurred 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 owns 10,907 shares in the company, 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 SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of Bank of America stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the transaction, the insider now directly owns 928,460,939 shares in the company, valued at approximately $36,813,476,231.35. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,078,718 shares of company stock valued at $4,548,920,425 in the last ninety days. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on BAC. Evercore ISI boosted their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Barclays increased their price objective on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Piper Sandler Companies raised shares of 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 research note on Tuesday, July 9th. Finally, Morgan Stanley boosted their price objective on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target 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.