Allied Investment Advisors LLC Increases Position in Bank of America Co. (NYSE:BAC)

Allied Investment Advisors LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 0.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 295,655 shares of the financial services provider’s stock after purchasing an additional 2,544 shares during the quarter. Bank of America makes up 2.3% of Allied Investment Advisors LLC’s holdings, making the stock its 12th largest position. Allied Investment Advisors LLC’s holdings in Bank of America were worth $11,732,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in BAC. Barometer Capital Management Inc. purchased a new position in shares of Bank of America in the 4th quarter worth approximately $2,175,000. Brevan Howard Capital Management LP acquired a new position in shares of Bank of America during the fourth quarter worth $3,601,000. American National Bank & Trust Co. VA purchased a new stake in shares of Bank of America during the 1st quarter valued at $1,322,000. Citizens Financial Group Inc. RI lifted its holdings in shares of Bank of America by 27.1% during the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after purchasing an additional 20,916 shares during the last quarter. Finally, Foster Group Inc. boosted its position in shares of Bank of America by 19.4% in the 1st quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock worth $340,000 after purchasing an additional 1,457 shares in 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, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 147,650,481 shares of company stock valued at $6,050,547,676 over the last 90 days. 0.29% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BAC. Barclays boosted their price objective on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. BMO Capital Markets upped their price target on shares of 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. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, September 3rd. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Cfra reissued a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.27.

Bank of America Trading Up 2.2 %

Shares of BAC stock traded up $0.86 during trading on Friday, hitting $40.11. 34,255,929 shares of the stock traded hands, compared to its average volume of 39,056,484. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The firm has a market capitalization of $313.68 billion, a P/E ratio of 13.88, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. The firm’s fifty day moving average price is $39.36 and its 200-day moving average price is $39.12. 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 posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter in the previous year, the business earned $0.88 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. As a group, research analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a share repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows 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 board believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a $0.26 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.59%. The ex-dividend date was Friday, September 6th. Bank of America’s payout ratio is 35.99%.

About Bank of America

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.