Insight Wealth Strategies LLC Invests $309,000 in Bank of America Co. (NYSE:BAC)

Insight Wealth Strategies LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,792 shares of the financial services provider’s stock, valued at approximately $309,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fairway Wealth LLC purchased a new position in shares of Bank of America during the second quarter worth about $27,000. Delos Wealth Advisors LLC grew its holdings in shares of Bank of America by 402.2% during the first 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 in the last quarter. POM Investment Strategies LLC grew its holdings in shares of 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 purchasing an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America during the second quarter worth about $30,000. Finally, Livelsberger Financial Advisory purchased a new position in shares of Bank of America during the fourth quarter worth about $28,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction on Friday, July 19th. The stock was 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction on Friday, July 19th. The stock was 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction on 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 completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 156,918,857 shares of company stock worth $6,421,694,213. 0.29% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Evercore ISI upped their target price on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Cfra reaffirmed a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. BMO Capital Markets upped their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Oppenheimer upped their target price on Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Finally, Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $42.27.

Bank of America Price Performance

Shares of Bank of America stock opened at $39.95 on Wednesday. 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 company has a market cap of $312.42 billion, a PE ratio of 13.82, a P/E/G ratio of 1.37 and a beta of 1.33. The business has a 50 day moving average of $39.34 and a 200 day moving average of $39.18. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44.

Bank of America (NYSE:BAC) last announced 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. The company had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 earnings per share. As a group, equities research analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current year.

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

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were issued a $0.26 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.24. 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 2.60%. Bank of America’s dividend payout ratio is 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.