Probity Advisors Inc. Buys 985 Shares of Bank of America Co. (NYSE:BAC)

Probity Advisors Inc. grew its position in Bank of America Co. (NYSE:BAC) by 2.1% during the third quarter, Holdings Channel reports. The institutional investor owned 47,486 shares of the financial services provider’s stock after acquiring an additional 985 shares during the quarter. Probity Advisors Inc.’s holdings in Bank of America were worth $1,884,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Fairway Wealth LLC acquired a new position in shares of Bank of America during the second quarter valued at about $27,000. Delos Wealth Advisors LLC increased its stake in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares in the last quarter. POM Investment Strategies LLC raised its holdings in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America during the second quarter worth $30,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the first quarter valued at $33,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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 transaction, the insider now directly owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the transaction, 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 disclosure for this sale can be found here. Insiders sold 148,230,389 shares of company stock worth $6,023,064,684 over the last three months. Insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on BAC shares. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods lifted their target price on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday. BMO Capital Markets raised their price target on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.62.

Bank of America Trading Up 0.1 %

Shares of Bank of America stock opened at $42.84 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The firm has a market capitalization of $335.02 billion, a PE ratio of 14.81, a P/E/G ratio of 1.39 and a beta of 1.33. The firm’s 50-day moving average price is $39.72 and its 200 day moving average price is $39.35.

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. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter last year, the business posted $0.90 earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.43%. Bank of America’s payout ratio is 35.99%.

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.