FSM Wealth Advisors LLC Raises Stock Holdings in Bank of America Co. (NYSE:BAC)

FSM Wealth Advisors LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 19.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,077 shares of the financial services provider’s stock after buying an additional 1,131 shares during the period. FSM Wealth Advisors LLC’s holdings in Bank of America were worth $281,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. McAdam LLC lifted its stake in Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 238 shares during the period. Integrity Financial Corp WA raised its stake in Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after buying an additional 240 shares in the last quarter. BTC Capital Management Inc. lifted its holdings in Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after buying an additional 248 shares during the period. Central Bank & Trust Co. boosted its position in Bank of America by 15.1% during the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 248 shares in the last quarter. Finally, SNS Financial Group LLC increased its holdings in shares of Bank of America by 3.3% in the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after acquiring an additional 248 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC opened at $41.33 on Tuesday. The company has a market cap of $317.12 billion, a P/E ratio of 15.03, a P/E/G ratio of 1.42 and a beta of 1.32. Bank of America Co. has a twelve month low of $27.34 and a twelve month high of $44.44. The company’s 50-day moving average price is $40.56 and its 200-day moving average price is $39.89. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 EPS. On average, sell-side analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a stock repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Announces Dividend

The business also recently announced 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. This represents a $1.04 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $39.31, for a total value of $203,776,317.99. Following the completion of the sale, the insider now owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. This 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 link. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The stock was 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 in the company, 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 Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the transaction, the insider now owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. This 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 113,067,817 shares of company stock worth $4,548,518,070 in the last three months. 0.29% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent research reports. Evercore ISI raised their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, September 3rd. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Barclays increased 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. Finally, Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. One 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

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.