Calton & Associates Inc. Has $714,000 Holdings in Bank of America Co. (NYSE:BAC)

Calton & Associates Inc. cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 13.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,981 shares of the financial services provider’s stock after selling 2,755 shares during the quarter. Calton & Associates Inc.’s holdings in Bank of America were worth $714,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Delos Wealth Advisors LLC grew its position in Bank of America by 402.2% during the first 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 in the last quarter. Fairway Wealth LLC bought a new position in Bank of America in the second quarter worth $27,000. POM Investment Strategies LLC raised 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 in the last quarter. Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the second quarter worth about $30,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of Bank of America in the 1st quarter valued at about $33,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Down 0.0 %

Shares of Bank of America stock traded down $0.02 during trading hours on Tuesday, reaching $41.74. 4,977,515 shares of the company’s stock were exchanged, compared to its average volume of 38,638,531. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a 50 day moving average of $39.97 and a two-hundred day moving average of $39.47. The stock has a market cap of $326.42 billion, a P/E ratio of 14.45, a P/E/G ratio of 1.39 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44.

Bank of America (NYSE:BAC) last posted its quarterly 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 firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 EPS. On average, sell-side analysts forecast that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America declared that its board has authorized a stock repurchase program 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 reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is currently 35.99%.

Insider Activity

In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’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 completion of the sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America 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 sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 138,284,099 shares of company stock valued at $5,593,609,660 in the last quarter. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on BAC. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Tuesday, September 3rd. Keefe, Bruyette & Woods lifted their price objective 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. 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. Finally, BMO Capital Markets boosted their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned 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 an average price target of $42.69.

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.