Financial Partners Group LLC Sells 776 Shares of Bank of America Co. (NYSE:BAC)

Financial Partners Group LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 1.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,699 shares of the financial services provider’s stock after selling 776 shares during the quarter. Financial Partners Group LLC’s holdings in Bank of America were worth $1,972,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Silver Oak Securities Incorporated lifted its holdings in shares of Bank of America by 40.7% during the third quarter. Silver Oak Securities Incorporated now owns 10,945 shares of the financial services provider’s stock valued at $431,000 after purchasing an additional 3,164 shares during the last quarter. Moody Lynn & Lieberson LLC increased its position in Bank of America by 21.5% during the 3rd quarter. Moody Lynn & Lieberson LLC now owns 27,277 shares of the financial services provider’s stock valued at $1,082,000 after buying an additional 4,828 shares in the last quarter. Dakota Wealth Management raised its stake in Bank of America by 180.1% during the third quarter. Dakota Wealth Management now owns 531,330 shares of the financial services provider’s stock valued at $21,083,000 after buying an additional 341,663 shares during the last quarter. DT Investment Partners LLC boosted its holdings in Bank of America by 8.3% in the third quarter. DT Investment Partners LLC now owns 14,768 shares of the financial services provider’s stock worth $586,000 after acquiring an additional 1,133 shares in the last quarter. Finally, JCIC Asset Management Inc. grew its stake in shares of Bank of America by 8.9% in the third quarter. JCIC Asset Management Inc. now owns 7,705 shares of the financial services provider’s stock worth $306,000 after acquiring an additional 630 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of Bank of America stock opened at $42.64 on Friday. The firm has a market cap of $330.87 billion, a PE ratio of 15.51, a P/E/G ratio of 1.43 and a beta of 1.33. The business has a 50-day moving average price of $40.11 and a 200 day moving average price of $39.53. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44.

Bank of America (NYSE:BAC) last announced its earnings results 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 business had revenue of $25.30 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the company posted $0.90 EPS. Sell-side analysts predict that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.44%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Bank of America declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BAC shares. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Cfra reaffirmed a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. Finally, Evercore ISI increased their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related 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 transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the transaction, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 125,336,839 shares of company stock valued at $5,049,968,704 over the last 90 days. Corporate insiders own 0.29% of the company’s stock.

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.