Bank of America Co. (NYSE:BAC) Shares Sold by Burns J W & Co. Inc. NY

Burns J W & Co. Inc. NY reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 51.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,668 shares of the financial services provider’s stock after selling 14,451 shares during the quarter. Burns J W & Co. Inc. NY’s holdings in Bank of America were worth $542,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fairway Wealth LLC purchased a new position in Bank of America during the 2nd quarter worth $27,000. Delos Wealth Advisors LLC grew its position in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the last quarter. POM Investment Strategies LLC grew its position in Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC purchased a new position in Bank of America during the 2nd quarter worth $30,000. Finally, Livelsberger Financial Advisory purchased a new position in Bank of America during the 4th quarter worth $28,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

BAC stock traded up $0.86 during trading on Friday, reaching $40.11. 34,255,929 shares of the company were exchanged, compared to its average volume of 39,056,484. The company has a market cap of $313.68 billion, a P/E ratio of 13.88, a PEG ratio of 1.37 and a beta of 1.33. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The stock’s 50 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 quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.88 earnings per share. As a group, analysts predict that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.59%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is presently 35.99%.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have issued reports on BAC shares. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Jefferies Financial Group raised their price objective on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Cfra reaffirmed a “sell” rating and issued a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $48.00 target price (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $42.27.

Insiders Place Their Bets

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated 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 transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, major shareholder Berkshire Hathaway Inc sold 1,722,523 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $39.40, for a total value of $67,867,406.20. Following the completion of the transaction, the insider now owns 794,120,913 shares of the company’s stock, valued at $31,288,363,972.20. 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 the SEC website. Also, 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 transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 147,650,481 shares of company stock worth $6,050,547,676. Insiders own 0.29% of the company’s stock.

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.