Bank of America Co. (NYSE:BAC) Stock Holdings Reduced by Tyche Wealth Partners LLC

Tyche Wealth Partners LLC decreased its position in Bank of America Co. (NYSE:BAC) by 8.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 14,227 shares of the financial services provider’s stock after selling 1,241 shares during the quarter. Tyche Wealth Partners LLC’s holdings in Bank of America were worth $565,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in BAC. Fortitude Family Office LLC lifted its stake in Bank of America by 21.3% in the third quarter. Fortitude Family Office LLC now owns 23,684 shares of the financial services provider’s stock valued at $940,000 after acquiring an additional 4,156 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Bank of America by 129.9% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 25,290 shares of the financial services provider’s stock valued at $1,004,000 after purchasing an additional 14,291 shares in the last quarter. Traynor Capital Management Inc. lifted its stake in shares of Bank of America by 16.2% in the 3rd quarter. Traynor Capital Management Inc. now owns 18,619 shares of the financial services provider’s stock valued at $739,000 after purchasing an additional 2,594 shares during the last quarter. abrdn plc boosted its holdings in Bank of America by 2.1% in the third quarter. abrdn plc now owns 6,306,184 shares of the financial services provider’s stock worth $250,261,000 after purchasing an additional 128,255 shares in the last quarter. Finally, Cantor Fitzgerald Investment Advisors L.P. increased its position in Bank of America by 0.3% during the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 100,835 shares of the financial services provider’s stock worth $4,001,000 after buying an additional 330 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the sale, the insider now owns 835,908,435 shares in the company, valued at $34,088,345,979.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 120,072,238 shares of company stock valued at $4,833,067,143 over the last ninety days. Insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Shares of BAC traded down $0.01 during mid-day trading on Tuesday, hitting $42.61. 6,113,206 shares of the company traded hands, compared to its average volume of 38,414,820. 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 stock has a market capitalization of $330.64 billion, a price-to-earnings ratio of 15.49, a PEG ratio of 1.42 and a beta of 1.33. The business has a 50-day moving average of $40.30 and a 200 day moving average of $39.66. Bank of America Co. has a one year low of $25.28 and a one year high of $44.44.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the company earned $0.90 EPS. The business’s quarterly revenue was up .4% compared to the same quarter last year. As a group, equities analysts expect 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 authorized a stock buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

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

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Tuesday, September 3rd. Keefe, Bruyette & Woods boosted their price objective 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. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Piper Sandler raised 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. Finally, Morgan Stanley raised their price target 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. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price 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.