YHB Investment Advisors Inc. Trims Stock Position in Bank of America Co. (NYSE:BAC)

YHB Investment Advisors Inc. decreased its position in Bank of America Co. (NYSE:BAC) by 15.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,364 shares of the financial services provider’s stock after selling 2,717 shares during the period. YHB Investment Advisors Inc.’s holdings in Bank of America were worth $610,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Fairway Wealth LLC bought a new position in shares of Bank of America during the 2nd quarter worth $27,000. Delos Wealth Advisors LLC grew its holdings in 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 worth $26,000 after acquiring an additional 547 shares in the last quarter. POM Investment Strategies LLC increased its position in 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 period. Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at about $30,000. Finally, Clearstead Trust LLC lifted its position in shares of Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 834 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research report on Friday, October 18th. Keefe, Bruyette & Woods raised their price objective on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $42.69.

Bank of America Stock Up 0.7 %

NYSE:BAC opened at $42.64 on Friday. The firm has a market capitalization of $330.87 billion, a P/E ratio of 15.51, a PEG ratio of 1.43 and a beta of 1.33. The company’s fifty day moving average price is $40.11 and its 200-day moving average price is $39.53. 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 released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share 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 last year, the business posted $0.90 EPS. The company’s revenue was up .4% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.44%. Bank of America’s payout ratio is 37.82%.

Bank of America announced that its Board of Directors has initiated a stock buyback 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 reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. 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 125,336,839 shares of company stock valued at $5,049,968,704 in the last three months. 0.29% of the stock is currently owned by corporate insiders.

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.