Viewpoint Capital Management LLC Boosts Stock Position in Bank of America Co. (NYSE:BAC)

Viewpoint Capital Management LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 1.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 161,079 shares of the financial services provider’s stock after buying an additional 1,980 shares during the quarter. Bank of America accounts for about 3.5% of Viewpoint Capital Management LLC’s investment portfolio, making the stock its 6th largest position. Viewpoint Capital Management LLC’s holdings in Bank of America were worth $6,347,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Fairway Wealth LLC bought a new stake in Bank of America in the second quarter valued at about $27,000. Delos Wealth Advisors LLC raised its holdings in shares of 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 worth $26,000 after buying an additional 547 shares in the last quarter. POM Investment Strategies LLC boosted its stake in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC bought a new stake in Bank of America in the second quarter valued at $30,000. Finally, Clearstead Trust LLC lifted its holdings in shares of 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 valued at $34,000 after acquiring an additional 834 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods increased 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 report on Wednesday, October 16th. Cfra restated a “sell” rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Morgan Stanley lifted their price objective on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $42.69.

Bank of America Stock Down 1.8 %

Shares of NYSE BAC traded down $0.76 during mid-day trading on Friday, hitting $41.89. The company had a trading volume of 27,466,909 shares, compared to its average volume of 38,639,859. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The company has a market capitalization of $325.05 billion, a PE ratio of 15.23, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33. 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 firm has a 50-day simple moving average of $40.24 and a two-hundred day simple moving average of $39.58.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period last year, the business earned $0.90 earnings per share. The firm’s revenue was up .4% on a year-over-year basis. On average, equities analysts expect that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced 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 annualized dividend and a dividend yield of 2.48%. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America announced that its Board of Directors has initiated a share buyback 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 usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction on 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 in the company, valued at $32,606,297,408.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 125,336,839 shares of company stock valued at $5,049,968,704. 0.29% of the stock is owned by insiders.

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.