Bank of America Co. (NYSE:BAC) Shares Purchased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. raised its position in Bank of America Co. (NYSE:BAC) by 1.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 984,690 shares of the financial services provider’s stock after acquiring an additional 16,392 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Bank of America were worth $39,072,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Massachusetts Wealth Management boosted its position in Bank of America by 1.3% in the 1st quarter. Massachusetts Wealth Management now owns 71,972 shares of the financial services provider’s stock valued at $2,729,000 after buying an additional 906 shares during the period. First Trust Direct Indexing L.P. increased its holdings in Bank of America by 10.7% during the 1st quarter. First Trust Direct Indexing L.P. now owns 154,881 shares of the financial services provider’s stock worth $5,873,000 after purchasing an additional 14,951 shares during the period. Core Wealth Partners LLC acquired a new stake in Bank of America in the 1st quarter valued at about $217,000. Powers Advisory Group LLC grew its position in shares of Bank of America by 30.3% during the first quarter. Powers Advisory Group LLC now owns 8,888 shares of the financial services provider’s stock worth $337,000 after buying an additional 2,069 shares in the last quarter. Finally, American National Bank & Trust Co. VA purchased a new stake in shares of Bank of America during the first quarter worth approximately $1,322,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was 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 owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’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 transaction, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,078,718 shares of company stock worth $4,548,920,425 over the last 90 days. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BAC shares. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a research note 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. Barclays lifted their price target on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Evercore ISI increased their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Bank of America Stock Performance

Bank of America stock traded up $0.18 during mid-day trading on Wednesday, reaching $42.71. 17,566,900 shares of the company were exchanged, compared to its average volume of 38,396,301. The firm has a market cap of $331.41 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 1.42 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 firm’s 50-day simple moving average is $40.37 and its two-hundred day simple moving average is $39.71. Bank of America Co. has a twelve month low of $25.72 and a twelve month high of $44.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 12.48% and a return on equity of 10.09%. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. During the same period last year, the firm posted $0.90 EPS. Equities analysts predict that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America announced that its board has authorized a share repurchase program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Dividend Announcement

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

Bank of America Profile

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.