USA Financial Formulas Raises Holdings in Bank of America Co. (NYSE:BAC)

USA Financial Formulas raised its holdings in Bank of America Co. (NYSE:BAC) by 29.9% during the third quarter, Holdings Channel.com reports. The firm owned 41,090 shares of the financial services provider’s stock after purchasing an additional 9,450 shares during the period. Bank of America makes up 0.3% of USA Financial Formulas’ holdings, making the stock its 22nd biggest holding. USA Financial Formulas’ holdings in Bank of America were worth $1,630,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Brevan Howard Capital Management LP acquired a new position in Bank of America in the fourth quarter valued at about $3,601,000. American National Bank & Trust Co. VA purchased a new stake in shares of Bank of America in the 1st quarter valued at approximately $1,322,000. Citizens Financial Group Inc. RI raised its stake in shares of Bank of America by 27.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after acquiring an additional 20,916 shares during the period. Foster Group Inc. lifted its holdings in shares of Bank of America by 19.4% in the 1st quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock worth $340,000 after acquiring an additional 1,457 shares during the last quarter. Finally, Councilmark Asset Management LLC purchased a new position in shares of Bank of America during the 1st quarter worth approximately $771,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of a number of research analyst reports. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Barclays boosted their price objective on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $48.00 target price (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft upgraded 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 research note on Tuesday, September 3rd. Finally, Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.27.

Bank of America Stock Up 0.6 %

Shares of NYSE BAC opened at $40.18 on Thursday. The business has a 50-day moving average of $39.31 and a two-hundred day moving average of $39.21. The company has a market capitalization of $314.22 billion, a price-to-earnings ratio of 13.90, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. Bank of America Co. has a 1 year low of $24.96 and a 1 year 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.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations 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 was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.88 earnings per share. On average, analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.59%. 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. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Bank of America declared that its Board of Directors has authorized a stock repurchase plan 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 purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the transaction, the insider now owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the transaction, the insider now directly owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction 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. Insiders have sold 156,918,857 shares of company stock worth $6,421,694,213 in the last ninety days. 0.29% of the stock is owned by corporate insiders.

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.