Quotient Wealth Partners LLC Sells 2,599 Shares of Bank of America Co. (NYSE:BAC)

Quotient Wealth Partners LLC lessened its position in shares of Bank of America Co. (NYSE:BAC) by 6.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,033 shares of the financial services provider’s stock after selling 2,599 shares during the period. Quotient Wealth Partners LLC’s holdings in Bank of America were worth $1,469,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Bank of America by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after purchasing an additional 36,124,363 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in Bank of America by 360.9% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after buying an additional 29,198,846 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after buying an additional 9,879,524 shares in the last quarter. AMF Tjanstepension AB grew its position in shares of Bank of America by 959.6% during the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after buying an additional 8,447,091 shares during the period. Finally, Swedbank AB bought a new stake in shares of Bank of America in the 1st quarter valued at $261,923,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the transaction, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. 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 accessible through this link. In other news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now directly 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 disclosure for this sale can be found here. Insiders sold a total of 156,918,857 shares of company stock worth $6,421,694,213 in the last quarter. Insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock traded down $0.22 during mid-day trading on Thursday, hitting $39.97. 9,380,776 shares of the stock were exchanged, compared to its average volume of 38,715,633. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a 50-day simple moving average of $39.31 and a 200 day simple moving average of $39.21. The company has a market capitalization of $312.58 billion, a P/E ratio of 13.85, a P/E/G ratio of 1.37 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 EPS. Sell-side analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a stock repurchase program 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 programs are typically an indication that the company’s board of directors 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. Stockholders of record on Friday, September 6th were given a dividend of $0.26 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date was Friday, September 6th. Bank of America’s dividend payout ratio is currently 35.99%.

Analyst Upgrades and Downgrades

A number of research firms have commented on BAC. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, September 3rd. Oppenheimer boosted their target price on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Jefferies Financial Group upped their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $42.27.

Bank of America Company 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.