Bank of America Co. (NYSE:BAC) Shares Sold by McIlrath & Eck LLC

McIlrath & Eck LLC lessened its position in Bank of America Co. (NYSE:BAC) by 5.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 40,394 shares of the financial services provider’s stock after selling 2,310 shares during the period. McIlrath & Eck LLC’s holdings in Bank of America were worth $1,603,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the business. Accent Capital Management LLC boosted its holdings in shares of Bank of America by 43.0% during the third quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the last quarter. Summit Global Investments increased its stake in shares of Bank of America by 237.6% during the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after acquiring an additional 36,089 shares during the last quarter. Geode Capital Management LLC grew its holdings in Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock valued at $5,546,871,000 after purchasing an additional 1,700,141 shares during the period. Baker Avenue Asset Management LP raised its stake in Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares during the period. Finally, Banco Santander S.A. grew its stake in shares of Bank of America by 173.7% during the 3rd quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock valued at $23,150,000 after buying an additional 370,275 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on BAC. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Piper Sandler raised their target price on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Wells Fargo & Company raised their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Evercore ISI upped their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.92.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now directly owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. This trade represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 55,223,897 shares of company stock worth $2,232,505,985 over the last quarter. 0.29% of the stock is currently owned by company insiders.

Bank of America Stock Performance

Bank of America stock opened at $45.77 on Wednesday. The company has a market cap of $351.19 billion, a PE ratio of 16.64, a P/E/G ratio of 1.58 and a beta of 1.33. Bank of America Co. has a 12 month low of $30.45 and a 12 month high of $48.08. The company has a fifty day moving average price of $43.87 and a two-hundred day moving average price of $41.33. 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 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. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the company earned $0.90 earnings per share. The firm’s revenue for the quarter was up .4% on a year-over-year basis. Research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is currently 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.