Bank of America Co. (NYSE:BAC) Shares Sold by Bar Harbor Wealth Management

Bar Harbor Wealth Management decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 1.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 113,998 shares of the financial services provider’s stock after selling 2,076 shares during the period. Bar Harbor Wealth Management’s holdings in Bank of America were worth $4,523,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position 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 worth $24,437,936,000 after purchasing an additional 36,124,363 shares during the period. Legal & General Group Plc raised its stake in shares of Bank of America by 1.6% in 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 buying an additional 895,884 shares in the last quarter. Capital World Investors lifted its holdings in shares of 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 valued at $1,530,241,000 after buying an additional 165,070 shares during the period. Pzena Investment Management LLC boosted its stake in Bank of America by 4.7% during the first 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 in the last quarter. Finally, Clearbridge Investments LLC grew its holdings in Bank of America by 23.6% during the second quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock worth $646,693,000 after acquiring an additional 3,109,197 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.4 %

Shares of Bank of America stock opened at $42.61 on Friday. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The stock has a market capitalization of $333.23 billion, a P/E ratio of 14.74, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The company has a 50-day simple moving average of $39.81 and a 200 day simple moving average of $39.38. 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 posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s revenue was up .4% on a year-over-year basis. During the same quarter last year, the business posted $0.90 earnings per share. Research analysts expect that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America declared that its board has initiated a stock buyback 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 repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is currently 35.99%.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’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 transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available 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 transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares in the company, valued at approximately $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. Insiders sold 144,633,120 shares of company stock valued at $5,862,871,640 over the last ninety days. 0.29% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on BAC shares. Morgan Stanley upped their price target on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a report on Tuesday, September 3rd. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Barclays boosted their price objective on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $42.62.

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.