Bank of America Co. (NYSE:BAC) Shares Acquired by Sigma Investment Counselors Inc.

Sigma Investment Counselors Inc. boosted its stake in Bank of America Co. (NYSE:BAC) by 12.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 11,993 shares of the financial services provider’s stock after purchasing an additional 1,281 shares during the period. Sigma Investment Counselors Inc.’s holdings in Bank of America were worth $476,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. American National Bank & Trust Co. VA acquired a new stake in Bank of America in the 1st quarter valued at approximately $1,322,000. Citizens Financial Group Inc. RI increased its holdings in Bank of America by 27.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after purchasing an additional 20,916 shares during the last quarter. Councilmark Asset Management LLC acquired a new stake in Bank of America in the 1st quarter valued at approximately $771,000. SteelPeak Wealth LLC increased its holdings in Bank of America by 37.7% in the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after purchasing an additional 14,901 shares during the last quarter. Finally, Brookstone Capital Management increased its holdings in Bank of America by 11.5% in the 2nd quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider’s stock valued at $8,628,000 after purchasing an additional 20,309 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on BAC shares. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Barclays raised their price target on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Cfra reissued a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. BMO Capital Markets raised 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 report on Thursday, July 18th. Finally, Morgan Stanley raised their price target on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $41.20, for a total transaction of $216,901,561.20. Following the transaction, the insider now directly owns 961,646,715 shares in the company, valued at $39,619,844,658. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $41.20, for a total transaction of $216,901,561.20. Following the sale, the insider now directly owns 961,646,715 shares in the company, valued at approximately $39,619,844,658. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 125,336,839 shares of company stock worth $5,049,968,704 over the last ninety days. 0.29% of the stock is currently owned by company insiders.

Bank of America Trading Down 1.8 %

NYSE BAC opened at $41.89 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $325.05 billion, a PE ratio of 15.23, a P/E/G ratio of 1.43 and a beta of 1.33. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The firm’s fifty day moving average is $40.24 and its two-hundred day moving average is $39.58.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the business posted $0.90 earnings per share. The business’s revenue was up .4% compared to the same quarter last year. Analysts expect that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.48%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.