Bank of America Co. (NYSE:BAC) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 9.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 103,092 shares of the financial services provider’s stock after acquiring an additional 8,805 shares during the quarter. GAMMA Investing LLC’s holdings in Bank of America were worth $4,531,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of BAC. Fairway Wealth LLC acquired a new stake in Bank of America during the 2nd quarter worth approximately $27,000. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the third quarter worth $29,000. Christopher J. Hasenberg Inc raised its stake in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 852 shares during the period. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the 3rd quarter valued at $45,000. Finally, Truvestments Capital LLC purchased a new stake in Bank of America during the 3rd quarter worth $73,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $40.14, for a total value of $160,649,311.50. Following the sale, the insider now directly owns 776,614,511 shares in the company, valued at $31,173,306,471.54. This trade represents a 0.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 16,772,932 shares of company stock worth $693,852,472 in the last ninety days. 0.29% of the stock is owned by insiders.

Bank of America Stock Performance

Shares of BAC stock opened at $44.29 on Friday. The company has a market cap of $339.83 billion, a P/E ratio of 16.11, a PEG ratio of 1.55 and a beta of 1.33. The business has a 50 day moving average of $45.08 and a two-hundred day moving average of $41.92. Bank of America Co. has a 52 week low of $31.27 and a 52 week high of $48.08. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the firm posted $0.90 EPS. The business’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on BAC shares. Evercore ISI boosted their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research report on Friday, October 18th. Piper Sandler raised their price target on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, Oppenheimer lifted their price target on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $45.92.

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.