Richardson Financial Services Inc. Has $122,000 Stock Position in Bank of America Co. (NYSE:BAC)

Richardson Financial Services Inc. boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 35.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,081 shares of the financial services provider’s stock after acquiring an additional 800 shares during the quarter. Richardson Financial Services Inc.’s holdings in Bank of America were worth $122,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of BAC. J.W. Cole Advisors Inc. raised its holdings in shares of Bank of America by 1.3% during the third quarter. J.W. Cole Advisors Inc. now owns 107,603 shares of the financial services provider’s stock worth $4,270,000 after acquiring an additional 1,425 shares in the last quarter. State of Alaska Department of Revenue increased its position in Bank of America by 3.0% in the 3rd quarter. State of Alaska Department of Revenue now owns 802,703 shares of the financial services provider’s stock worth $31,850,000 after purchasing an additional 23,210 shares during the last quarter. Smith Salley Wealth Management raised its stake in shares of Bank of America by 11.4% during the 3rd quarter. Smith Salley Wealth Management now owns 120,186 shares of the financial services provider’s stock worth $4,769,000 after purchasing an additional 12,317 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Bank of America by 2.8% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 6,319,991 shares of the financial services provider’s stock valued at $247,637,000 after buying an additional 172,779 shares during the last quarter. Finally, GHP Investment Advisors Inc. grew its stake in shares of Bank of America by 1.9% in the 3rd quarter. GHP Investment Advisors Inc. now owns 130,349 shares of the financial services provider’s stock valued at $5,172,000 after buying an additional 2,467 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $40.63, for a total value of $284,146,717.60. Following the sale, the insider now owns 948,077,805 shares of the company’s stock, valued at $38,520,401,217.15. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $40.63, for a total transaction of $284,146,717.60. Following the completion of the sale, the insider now owns 948,077,805 shares in the company, valued at $38,520,401,217.15. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 125,336,839 shares of company stock valued at $5,049,968,704. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of a number of analyst reports. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods lifted their price objective 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 target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Cfra reiterated a “sell” rating and set a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Finally, Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Bank of America Stock Performance

BAC stock traded down $0.76 during trading on Friday, reaching $41.89. 27,466,909 shares of the stock were exchanged, compared to its average volume of 38,639,859. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. 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 market capitalization of $325.05 billion, a P/E ratio of 15.23, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33. The stock has a 50 day simple moving average of $40.24 and a 200-day simple moving average of $39.59.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 company 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 10.09% and a net margin of 12.48%. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.90 EPS. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.26 earnings per share for the current year.

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

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders 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 dividend yield of 2.48%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

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.