Consolidated Capital Management LLC Has $4.75 Million Position in Bank of America Co. (NYSE:BAC)

Consolidated Capital Management LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 1.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 119,657 shares of the financial services provider’s stock after purchasing an additional 2,206 shares during the quarter. Bank of America comprises approximately 2.1% of Consolidated Capital Management LLC’s investment portfolio, making the stock its 18th biggest position. Consolidated Capital Management LLC’s holdings in Bank of America were worth $4,748,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after buying an additional 36,124,363 shares in the last quarter. AMF Tjanstepension AB boosted its stake in shares of Bank of America by 959.6% in the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after purchasing an additional 8,447,091 shares in the last quarter. Swedbank AB bought a new stake in shares of Bank of America during the 1st quarter valued at approximately $261,923,000. 1832 Asset Management L.P. increased its position in Bank of America by 1,432.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after purchasing an additional 5,749,567 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Bank of America by 290.7% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock valued at $269,763,000 after purchasing an additional 5,293,000 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now directly 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 legal filing with the SEC, which can be accessed through this link. In related news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total value of $90,533,647.05. Following the completion of the sale, the insider now directly owns 812,041,811 shares of the company’s stock, valued at approximately $31,888,881,917.97. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 148,230,389 shares of company stock valued at $6,023,064,684. 0.29% of the stock is currently owned by company insiders.

Bank of America Stock Down 0.1 %

BAC opened at $42.74 on Thursday. The company has a market cap of $334.24 billion, a P/E ratio of 14.81, a P/E/G ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The business’s 50-day moving average price is $39.72 and its 200-day moving average price is $39.35. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the previous year, the firm earned $0.90 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. On average, equities analysts expect that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America declared that its board has approved a stock repurchase program 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 buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.43%. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Cfra restated 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, BMO Capital Markets lifted their price objective on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $42.62.

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.