Aletheian Wealth Advisors LLC Trims Holdings in Bank of America Co. (NYSE:BAC)

Aletheian Wealth Advisors LLC lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 78.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,672 shares of the financial services provider’s stock after selling 20,773 shares during the period. Aletheian Wealth Advisors LLC’s holdings in Bank of America were worth $225,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. American National Bank & Trust Co. VA bought a new position in Bank of America in the 1st quarter worth about $1,322,000. Citizens Financial Group Inc. RI grew its holdings in shares of Bank of America by 27.1% during the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after buying an additional 20,916 shares during the last quarter. Councilmark Asset Management LLC bought a new stake in shares of Bank of America during the first quarter valued at approximately $771,000. SteelPeak Wealth LLC raised its holdings in Bank of America by 37.7% in the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after acquiring an additional 14,901 shares during the last quarter. Finally, Brookstone Capital Management lifted its position in Bank of America by 11.5% in the 2nd quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider’s stock valued at $8,628,000 after acquiring an additional 20,309 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE BAC remained flat at $42.62 on Tuesday. 7,834,906 shares of the company traded hands, compared to its average volume of 38,426,688. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $330.71 billion, a P/E ratio of 15.49, a PEG ratio of 1.42 and a beta of 1.33. Bank of America Co. has a 12 month low of $25.28 and a 12 month high of $44.44. The company’s 50-day moving average price is $40.30 and its two-hundred day moving average price is $39.66.

Bank of America (NYSE:BAC) last released 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. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the prior year, the firm earned $0.90 EPS. The company’s revenue for the quarter was up .4% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.44%. Bank of America’s payout ratio is currently 37.82%.

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

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on BAC shares. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Tuesday, September 3rd. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Oppenheimer lifted their target price on shares of Bank of America from $49.00 to $50.00 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, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Insiders Place Their Bets

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 transaction of $284,146,717.60. Following the completion of the sale, the insider now owns 948,077,805 shares of the company’s stock, valued at approximately $38,520,401,217.15. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $284,146,717.60. Following the completion of the transaction, the insider now directly owns 948,077,805 shares in the company, valued at $38,520,401,217.15. 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 120,072,238 shares of company stock valued at $4,833,067,143 in the last 90 days. 0.29% of the stock is owned by insiders.

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.