Rockland Trust Co. Raises Stock Position in Bank of America Co. (NYSE:BAC)

Rockland Trust Co. raised its position in Bank of America Co. (NYSE:BAC) by 0.3% during the 3rd quarter, Holdings Channel reports. The firm owned 119,639 shares of the financial services provider’s stock after acquiring an additional 379 shares during the quarter. Rockland Trust Co.’s holdings in Bank of America were worth $4,747,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Delos Wealth Advisors LLC lifted its position in shares of Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares in the last quarter. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the second quarter worth about $27,000. Livelsberger Financial Advisory acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $28,000. POM Investment Strategies LLC boosted its position in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares during the last quarter. Finally, Bbjs Financial Advisors LLC purchased a new stake in Bank of America in the 2nd quarter worth approximately $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. The disclosure for this sale can be found here. Insiders sold 147,650,481 shares of company stock worth $6,050,547,676 in the last 90 days. 0.29% of the stock is currently owned by company insiders.

Analyst Ratings Changes

BAC has been the topic of a number of recent analyst reports. Cfra reissued a “sell” rating and set a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Morgan Stanley lowered their price target on Bank of America from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Monday. Piper Sandler Companies 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 research report on Tuesday, July 9th. Evercore ISI lifted their price objective 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. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $48.00 price target (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

Bank of America Trading Up 0.0 %

Shares of NYSE BAC opened at $39.24 on Friday. 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 stock’s 50 day moving average price is $39.39 and its two-hundred day moving average price is $39.10. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The stock has a market capitalization of $306.87 billion, a P/E ratio of 13.58, a PEG ratio of 1.37 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same period in the prior year, the company posted $0.88 EPS. The business’s revenue was up .7% compared to the same quarter last year. On average, analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a stock buyback program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were paid a $0.26 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date was Friday, September 6th. Bank of America’s payout ratio is presently 35.99%.

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.