Bay Colony Advisory Group Inc d b a Bay Colony Advisors Sells 486 Shares of Bank of America Co. (NYSE:BAC)

Bay Colony Advisory Group Inc d b a Bay Colony Advisors lowered its holdings in Bank of America Co. (NYSE:BAC) by 2.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,703 shares of the financial services provider’s stock after selling 486 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors’ holdings in Bank of America were worth $663,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. American National Bank & Trust Co. VA bought a new stake in shares of Bank of America in the first quarter valued at approximately $1,322,000. Citizens Financial Group Inc. RI raised its position in shares of Bank of America by 27.1% in the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after purchasing an additional 20,916 shares during the period. Councilmark Asset Management LLC purchased a new position in Bank of America during the first quarter valued at approximately $771,000. SteelPeak Wealth LLC grew its stake in Bank of America by 37.7% during the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after acquiring an additional 14,901 shares in the last quarter. Finally, Brookstone Capital Management grew its stake in Bank of America by 11.5% during the second quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider’s stock valued at $8,628,000 after acquiring an additional 20,309 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s 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 completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total value of $90,533,647.05. Following the sale, the insider now directly owns 812,041,811 shares of the company’s stock, valued at $31,888,881,917.97. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 120,072,238 shares of company stock worth $4,833,067,143. 0.29% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently commented on BAC. 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. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Morgan Stanley boosted their price objective on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Bank of America Trading Up 1.8 %

NYSE:BAC opened at $42.63 on Tuesday. The company has a fifty day moving average of $40.30 and a 200 day moving average of $39.66. Bank of America Co. has a 52 week low of $25.28 and a 52 week high of $44.44. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $330.79 billion, a P/E ratio of 15.50, a P/E/G ratio of 1.42 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the prior year, the business posted $0.90 EPS. The firm’s revenue was up .4% compared to the same quarter last year. On average, research analysts predict that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America announced that its Board of Directors has approved a stock buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Bank of America Dividend Announcement

The business also recently disclosed 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 is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.44%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America 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.