Mattson Financial Services LLC Sells 500 Shares of Bank of America Co. (NYSE:BAC)

Mattson Financial Services LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 0.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 72,462 shares of the financial services provider’s stock after selling 500 shares during the quarter. Bank of America makes up approximately 1.0% of Mattson Financial Services LLC’s holdings, making the stock its 29th biggest position. Mattson Financial Services LLC’s holdings in Bank of America were worth $2,882,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fairway Wealth LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at $27,000. Delos Wealth Advisors LLC boosted its stake 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 worth $26,000 after acquiring an additional 547 shares during the period. POM Investment Strategies LLC grew its position 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 Bank of America in the 2nd quarter worth approximately $30,000. Finally, Livelsberger Financial Advisory purchased a new stake in Bank of America during the 4th quarter valued at approximately $28,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The trade was 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 the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 156,918,857 shares of company stock worth $6,421,694,213. 0.29% of the stock is currently owned by company insiders.

Bank of America Price Performance

BAC opened at $39.95 on Wednesday. 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 business’s fifty day simple moving average is $39.34 and its 200-day simple moving average is $39.18. The company has a market capitalization of $312.42 billion, a price-to-earnings ratio of 13.82, a PEG ratio of 1.37 and a beta of 1.33. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44.

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

Bank of America declared that its board has initiated a stock buyback plan 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 reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership 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 issued 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 2.60%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is currently 35.99%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. BMO Capital Markets boosted their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Barclays raised their price target on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Finally, Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.27.

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.