RDA Financial Network Purchases 1,326 Shares of Bank of America Co. (NYSE:BAC)

RDA Financial Network grew its position in Bank of America Co. (NYSE:BAC) by 3.1% during the third quarter, HoldingsChannel.com reports. The fund owned 44,515 shares of the financial services provider’s stock after acquiring an additional 1,326 shares during the quarter. RDA Financial Network’s holdings in Bank of America were worth $1,766,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of BAC. Vanguard Group Inc. increased its position in Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after purchasing an additional 36,124,363 shares during the last quarter. AMF Tjanstepension AB increased its holdings in shares of Bank of America by 959.6% in the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after buying an additional 8,447,091 shares during the last quarter. Swedbank AB bought a new position in shares of Bank of America in the 1st quarter valued at about $261,923,000. 1832 Asset Management L.P. grew its position in Bank of America by 1,432.1% in the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after acquiring an additional 5,749,567 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in Bank of America by 290.7% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock valued at $269,763,000 after purchasing an additional 5,293,000 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on BAC. Jefferies Financial Group upped their price objective on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, September 3rd. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Oppenheimer upped their price objective on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Finally, Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

Bank of America Stock Up 1.5 %

NYSE:BAC traded up $0.63 during trading hours on Tuesday, reaching $42.54. The company’s stock had a trading volume of 46,286,176 shares, compared to its average volume of 38,848,000. The stock has a 50 day moving average price of $39.51 and a two-hundred day moving average price of $39.30. 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 company has a market capitalization of $332.68 billion, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.81. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the prior year, the business posted $0.90 EPS. The firm’s quarterly revenue was up .4% on a year-over-year basis. Equities analysts predict that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.44%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is presently 35.99%.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in 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 generally a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the sale, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Lindsay D. Hans sold 10,901 shares of the company’s 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 transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the sale, the insider now directly owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 160,921,082 shares of company stock worth $6,582,343,525 in the last 90 days. 0.29% of the stock is owned by corporate 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.