Strategic Blueprint LLC Trims Stock Position in Bank of America Co. (NYSE:BAC)

Strategic Blueprint LLC cut its stake in Bank of America Co. (NYSE:BAC) by 11.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,537 shares of the financial services provider’s stock after selling 3,009 shares during the period. Strategic Blueprint LLC’s holdings in Bank of America were worth $934,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BAC. Delos Wealth Advisors LLC boosted its stake in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the period. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the second quarter worth about $27,000. POM Investment Strategies LLC boosted its stake in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the period. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America during the second quarter worth about $30,000. Finally, Clearstead Trust LLC lifted its position in Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 834 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.4 %

BAC stock opened at $42.34 on Thursday. The stock has a market capitalization of $328.54 billion, a P/E ratio of 15.40, a PEG ratio of 1.42 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 Co. has a one year low of $25.72 and a one year high of $44.44. The company has a 50 day moving average price of $40.44 and a two-hundred day moving average price of $39.73.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate 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%. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the company earned $0.90 EPS. As a group, sell-side analysts expect that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. 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 2.46%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America declared that its board has authorized a stock buyback plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on BAC shares. Cfra restated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. Barclays raised their price objective 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. Jefferies Financial Group raised their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction 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 transaction, the insider now owns 10,907 shares in the company, valued at $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction 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 transaction, the insider now owns 10,907 shares in the company, valued at $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the transaction, the insider now owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,078,718 shares of company stock worth $4,548,920,425 in the last quarter. 0.29% of the stock is owned by 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.