Future Financial Wealth Managment LLC Takes Position in Bank of America Co. (NYSE:BAC)

Future Financial Wealth Managment LLC bought a new position in shares of Bank of America Co. (NYSE:BAC) in the third quarter, HoldingsChannel.com reports. The firm bought 3,349 shares of the financial services provider’s stock, valued at approximately $133,000.

A number of other large investors have also made changes to their positions in the stock. Hotchkis & Wiley Capital Management LLC grew its position in shares of Bank of America by 47.0% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 5,426,830 shares of the financial services provider’s stock worth $182,721,000 after buying an additional 1,734,530 shares during the period. Hancock Whitney Corp increased its holdings in Bank of America by 0.3% during the fourth quarter. Hancock Whitney Corp now owns 132,995 shares of the financial services provider’s stock worth $4,478,000 after buying an additional 386 shares during the last quarter. Northwest Wealth Management LLC bought a new stake in shares of Bank of America in the 4th quarter valued at about $213,000. Jacobi Capital Management LLC lifted its position in shares of Bank of America by 1.5% in the fourth quarter. Jacobi Capital Management LLC now owns 171,412 shares of the financial services provider’s stock valued at $5,771,000 after buying an additional 2,520 shares during the last quarter. Finally, Nebula Research & Development LLC bought a new position in Bank of America during the fourth quarter worth $1,600,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction that occurred on 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 transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was 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 owns 1,020,161,313 shares in the company, valued at $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. Over the last ninety days, insiders sold 156,918,857 shares of company stock worth $6,421,694,213. Insiders own 0.29% of the company’s stock.

Bank of America Trading Down 0.0 %

NYSE:BAC opened at $39.95 on Wednesday. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a market capitalization of $312.42 billion, a P/E ratio of 13.82, a PEG ratio of 1.37 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a fifty day simple moving average of $39.31 and a 200-day simple moving average of $39.20.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates 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 last year, the business earned $0.88 earnings per share. On average, equities research analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America declared that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is 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. The ex-dividend date was Friday, September 6th. 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 dividend yield of 2.60%. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on BAC shares. 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, October 2nd. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Tuesday, September 3rd. Cfra restated a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. Morgan Stanley decreased 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, September 30th. Finally, Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, eight have issued 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

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.