Carret Asset Management LLC Reduces Position in Bank of America Co. (NYSE:BAC)

Carret Asset Management LLC lowered its holdings in Bank of America Co. (NYSE:BAC) by 3.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 116,650 shares of the financial services provider’s stock after selling 4,620 shares during the period. Carret Asset Management LLC’s holdings in Bank of America were worth $4,629,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Delos Wealth Advisors LLC increased its stake in shares of Bank of America by 402.2% in the first 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 during the last quarter. Fairway Wealth LLC acquired a new position in Bank of America during the 2nd quarter worth $27,000. POM Investment Strategies LLC increased its position in shares of 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 worth $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at about $30,000. Finally, Clearstead Trust LLC lifted its position 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 worth $34,000 after purchasing an additional 834 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $40.63, for a total value of $284,146,717.60. Following the completion of the sale, the insider now directly owns 948,077,805 shares in the company, valued at $38,520,401,217.15. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred 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 transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $40.63, for a total transaction of $284,146,717.60. Following the sale, the insider now directly owns 948,077,805 shares of the company’s stock, valued at approximately $38,520,401,217.15. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 125,336,839 shares of company stock worth $5,049,968,704 over the last quarter. 0.29% of the stock is currently owned by company insiders.

Analyst Ratings Changes

BAC has been the topic of several research reports. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Jefferies Financial Group boosted their price target on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Morgan Stanley raised their price target on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Bank of America Stock Down 1.8 %

Shares of Bank of America stock opened at $41.89 on Friday. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The company has a market capitalization of $325.05 billion, a P/E ratio of 15.23, a PEG ratio of 1.43 and a beta of 1.33. The business’s fifty day moving average price is $40.24 and its two-hundred day moving average price is $39.59. 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 (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s revenue was up .4% on a year-over-year basis. During the same period in the previous year, the business earned $0.90 earnings per share. As a group, research analysts forecast that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America declared that its board has initiated a stock 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Bank of America Announces Dividend

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 $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America Company 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.