Lynch & Associates IN Boosts Stake in Bank of America Co. (NYSE:BAC)

Lynch & Associates IN raised its position in Bank of America Co. (NYSE:BAC) by 0.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 146,957 shares of the financial services provider’s stock after buying an additional 906 shares during the period. Bank of America accounts for 1.2% of Lynch & Associates IN’s investment portfolio, making the stock its 28th biggest holding. Lynch & Associates IN’s holdings in Bank of America were worth $5,831,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fairway Wealth LLC purchased a new stake in Bank of America in the 2nd quarter valued at about $27,000. Delos Wealth Advisors LLC increased its stake in 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 valued at $26,000 after buying an additional 547 shares during the last quarter. POM Investment Strategies LLC grew its position in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the period. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America during the 2nd quarter valued at approximately $30,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the 1st quarter valued at approximately $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated 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 approximately $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated 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 approximately $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction dated Friday, July 19th. The shares were 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 $43,085,191,337.27. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 148,230,389 shares of company stock worth $6,023,064,684 in the last 90 days. 0.29% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Piper Sandler Companies 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. 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. Oppenheimer increased their target price on shares of Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Tuesday, September 3rd. Finally, BMO Capital Markets increased their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $42.27.

Bank of America Price Performance

Shares of NYSE:BAC opened at $42.14 on Wednesday. The stock has a market cap of $329.55 billion, a PE ratio of 14.58, a PEG ratio of 1.39 and a beta of 1.33. The company’s fifty day moving average is $39.62 and its 200 day moving average is $39.33. Bank of America Co. has a 52 week low of $24.96 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.

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

Bank of America declared that its board has initiated a share repurchase plan 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 buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

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

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.