HM Payson & Co. Has $10.08 Million Position in Bank of America Co. (NYSE:BAC)

HM Payson & Co. decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 253,895 shares of the financial services provider’s stock after selling 4,514 shares during the period. HM Payson & Co.’s holdings in Bank of America were worth $10,075,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after buying an additional 36,124,363 shares during the period. Legal & General Group Plc boosted its stake in Bank of America by 1.6% during the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after acquiring an additional 895,884 shares during the last quarter. Capital World Investors raised its holdings in Bank of America by 0.4% in the first quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after purchasing an additional 165,070 shares during the period. Pzena Investment Management LLC grew its holdings in shares of Bank of America by 4.7% in the 1st quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock valued at $813,983,000 after buying an additional 954,885 shares during the period. Finally, Clearbridge Investments LLC increased its position in shares of Bank of America by 23.6% in the 2nd quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock valued at $646,693,000 after buying an additional 3,109,197 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the subject of a number of research analyst reports. Oppenheimer boosted their target price on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Jefferies Financial Group increased their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Barclays lifted 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 note on Wednesday, October 16th. Cfra reissued a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the 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.

Insiders Place Their Bets

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly 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 transaction was disclosed in a document filed with the SEC, which can be accessed 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 on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,078,718 shares of company stock worth $4,548,920,425. 0.29% of the stock is currently owned by company insiders.

Bank of America Trading Up 0.1 %

Shares of BAC stock traded up $0.04 during trading hours on Thursday, hitting $42.35. 1,178,054 shares of the company’s stock traded hands, compared to its average volume of 38,317,227. Bank of America Co. has a 12 month low of $25.72 and a 12 month high of $44.44. The stock’s 50 day simple moving average is $40.44 and its 200 day simple moving average is $39.73. The stock has a market cap of $328.62 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 1.42 and a beta of 1.33. 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 (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 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 during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter last year, the firm earned $0.90 earnings per share. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

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.