Brophy Wealth Management LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

Brophy Wealth Management LLC acquired a new position in Bank of America Co. (NYSE:BAC) in the 3rd quarter, HoldingsChannel reports. The firm acquired 10,937 shares of the financial services provider’s stock, valued at approximately $434,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 2nd quarter valued at approximately $27,000. POM Investment Strategies LLC lifted its stake in shares of Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the period. Kennebec Savings Bank purchased a new position in shares of Bank of America in the 3rd quarter valued at approximately $29,000. Christopher J. Hasenberg Inc lifted its stake in shares of Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the period. Finally, TruNorth Capital Management LLC lifted its stake in shares of Bank of America by 740.7% in the 2nd quarter. TruNorth Capital Management LLC now owns 1,135 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE BAC opened at $45.77 on Wednesday. The company has a market capitalization of $351.19 billion, a PE ratio of 16.64, a price-to-earnings-growth ratio of 1.58 and a beta of 1.33. 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 business’s fifty day moving average is $43.87 and its 200 day moving average is $41.33. Bank of America Co. has a fifty-two week low of $30.45 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 earnings per share. Sell-side analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

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 given a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.27%. Bank of America’s payout ratio is 37.82%.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now directly owns 835,908,435 shares in the company, valued at $34,088,345,979.30. The trade was a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 55,223,897 shares of company stock worth $2,232,505,985 over the last ninety days. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on BAC. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research note on Friday, October 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Piper Sandler lifted their price objective on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Wells Fargo & Company lifted their price objective on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $45.92.

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.