Quent Capital LLC Buys 2,199 Shares of Bank of America Co. (NYSE:BAC)

Quent Capital LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 7.2% in the third quarter, HoldingsChannel reports. The fund owned 32,933 shares of the financial services provider’s stock after acquiring an additional 2,199 shares during the period. Quent Capital LLC’s holdings in Bank of America were worth $1,305,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Delos Wealth Advisors LLC boosted its stake in Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the period. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the second quarter worth $27,000. Livelsberger Financial Advisory bought a new stake in shares of Bank of America in the fourth quarter valued at about $28,000. POM Investment Strategies LLC grew its stake in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares in the last quarter. Finally, Bbjs Financial Advisors LLC bought a new position in Bank of America during the second quarter worth about $30,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Morgan Stanley cut their price objective on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Monday, September 30th. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday. Oppenheimer lifted their price objective on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a report on Wednesday. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Evercore ISI boosted their price target on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.27.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 1,722,523 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $39.40, for a total transaction 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 approximately $31,288,363,972.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The stock was 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 owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 1,722,523 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $39.40, for a total value of $67,867,406.20. Following the transaction, the insider now owns 794,120,913 shares of the company’s stock, valued at $31,288,363,972.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 147,650,481 shares of company stock worth $6,050,547,676 in the last ninety days. Company insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC traded up $0.86 during trading on Friday, hitting $40.11. 34,255,929 shares of the company were exchanged, compared to its average volume of 39,056,484. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The company 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 company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business’s 50 day moving average is $39.36 and its 200-day moving average is $39.12.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.88 EPS. Equities analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The firm 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 represents a $1.04 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend was Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Bank of America declared that its board has initiated a stock repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are 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.