Saxon Interests Inc. Sells 1,527 Shares of Bank of America Co. (NYSE:BAC)

Saxon Interests Inc. reduced its position in Bank of America Co. (NYSE:BAC) by 21.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,697 shares of the financial services provider’s stock after selling 1,527 shares during the quarter. Saxon Interests Inc.’s holdings in Bank of America were worth $226,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Fairway Wealth LLC bought a new position in Bank of America in the 2nd quarter valued at about $27,000. Delos Wealth Advisors LLC grew its holdings in shares of Bank of America by 402.2% during 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 last quarter. POM Investment Strategies LLC grew its holdings in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at approximately $30,000. Finally, Livelsberger Financial Advisory bought a new stake in shares of Bank of America during the 4th quarter valued at approximately $28,000. 70.71% of the stock is owned by institutional investors.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $40.05, for a total transaction of $163,250,568.45. Following the completion of the transaction, the insider now owns 784,549,933 shares in the company, valued at approximately $31,421,224,816.65. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. 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 is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $40.05, for a total transaction of $163,250,568.45. Following the sale, the insider now directly owns 784,549,933 shares in the company, valued at approximately $31,421,224,816.65. This trade represents a 0.00 % decrease in their ownership of the stock. 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 company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BAC. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, September 3rd. Cfra reiterated a “sell” rating and set a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. Evercore ISI lifted their target price on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Oppenheimer lifted their target price on shares of Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Finally, Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock 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 given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $42.27.

Bank of America Stock Up 0.3 %

Shares of NYSE BAC traded up $0.13 during trading on Wednesday, hitting $40.06. The stock had a trading volume of 6,364,402 shares, compared to its average volume of 38,758,668. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $313.28 billion, a PE ratio of 13.84, a PEG ratio of 1.37 and a beta of 1.33. The firm has a fifty day moving average of $39.31 and a two-hundred day moving average of $39.20.

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

Bank of America announced that its Board of Directors has initiated 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 purchase 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 business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 annualized dividend 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 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.