Jamison Private Wealth Management Inc. Increases Stock Position in Bank of America Co. (NYSE:BAC)

Jamison Private Wealth Management Inc. increased its position in shares of Bank of America Co. (NYSE:BAC) by 2.8% during the 3rd quarter, Holdings Channel reports. The firm owned 260,579 shares of the financial services provider’s stock after purchasing an additional 7,118 shares during the quarter. Bank of America makes up approximately 1.6% of Jamison Private Wealth Management Inc.’s holdings, making the stock its 16th largest holding. Jamison Private Wealth Management Inc.’s holdings in Bank of America were worth $10,340,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Delos Wealth Advisors LLC boosted its stake in shares of Bank of America by 402.2% in the 1st 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 last quarter. Fairway Wealth LLC bought a new stake in Bank of America during the second quarter worth $27,000. POM Investment Strategies LLC boosted its position in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC bought a new position in Bank of America in the 2nd quarter valued at $30,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the 1st quarter valued at $33,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Up 0.5 %

Shares of BAC stock opened at $42.14 on Wednesday. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The business’s fifty day moving average is $39.62 and its 200 day moving average is $39.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $329.55 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.81. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter last year, the company posted $0.90 EPS. On average, equities research analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a dividend of $0.26 per share. The ex-dividend date was Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.47%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the sale, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 148,230,389 shares of company stock valued at $6,023,064,684. Insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of a number of research analyst reports. Jefferies Financial Group boosted their price target on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. 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 research report on Tuesday, July 9th. Morgan Stanley decreased their price target on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Monday, September 30th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $48.00 target price (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $42.27.

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.