Hennion & Walsh Asset Management Inc. Sells 46,323 Shares of Bank of America Co. (NYSE:BAC)

Hennion & Walsh Asset Management Inc. trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 64.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 25,344 shares of the financial services provider’s stock after selling 46,323 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Bank of America were worth $1,006,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. McAdam LLC grew its stake in shares of Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 238 shares during the last quarter. Integrity Financial Corp WA boosted its stake in Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after purchasing an additional 240 shares in the last quarter. BTC Capital Management Inc. grew its position in Bank of America by 1.2% during the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 248 shares during the last quarter. Central Bank & Trust Co. increased its stake in Bank of America by 15.1% during the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 248 shares in the last quarter. Finally, SNS Financial Group LLC raised its holdings in Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after buying an additional 248 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $40.63, for a total value of $284,146,717.60. Following the transaction, the insider now directly owns 948,077,805 shares of the company’s stock, valued at approximately $38,520,401,217.15. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of Bank of America stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $40.63, for a total value of $284,146,717.60. Following the sale, the insider now directly owns 948,077,805 shares in the company, valued at approximately $38,520,401,217.15. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the 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 transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 120,072,238 shares of company stock valued at $4,833,067,143 over the last 90 days. Company insiders own 0.29% of the company’s stock.

Bank of America Trading Down 1.8 %

Shares of NYSE:BAC opened at $41.89 on Monday. 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 cap of $325.05 billion, a PE ratio of 15.23, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33. The stock has a 50 day moving average of $40.24 and a 200 day moving average of $39.62. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.90 earnings per share. As a group, equities research analysts expect that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America declared that its board has approved a share repurchase plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.48%. Bank of America’s payout ratio is 37.82%.

Analyst Ratings Changes

BAC has been the subject of several analyst reports. Barclays raised their price target on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Piper Sandler Companies raised 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 report on Tuesday, July 9th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. Morgan Stanley boosted their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

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.