Prio Wealth Limited Partnership Has $53.57 Million Holdings in Bank of America Co. (NYSE:BAC)

Prio Wealth Limited Partnership lessened its position in Bank of America Co. (NYSE:BAC) by 1.2% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 1,350,154 shares of the financial services provider’s stock after selling 16,551 shares during the period. Bank of America makes up about 1.6% of Prio Wealth Limited Partnership’s holdings, making the stock its 16th largest position. Prio Wealth Limited Partnership’s holdings in Bank of America were worth $53,574,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of 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 valued at $24,437,936,000 after purchasing an additional 36,124,363 shares in the last quarter. AMF Tjanstepension AB lifted its holdings in shares of Bank of America by 959.6% in the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after purchasing an additional 8,447,091 shares in the last quarter. Swedbank AB bought a new stake in Bank of America during the first quarter worth $261,923,000. 1832 Asset Management L.P. lifted its holdings in Bank of America by 1,432.1% during 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 during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings 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 worth $269,763,000 after acquiring an additional 5,293,000 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BAC. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Tuesday, September 3rd. Evercore ISI boosted their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday. Finally, Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective 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 assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $42.39, for a total transaction of $229,779,191.61. Following the sale, the insider now directly owns 980,061,561 shares in the company, valued at approximately $41,544,809,570.79. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $42.39, for a total transaction of $229,779,191.61. Following the sale, the insider now directly owns 980,061,561 shares in the company, valued at approximately $41,544,809,570.79. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The shares were 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 in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 138,284,099 shares of company stock worth $5,593,609,660. Insiders own 0.29% of the company’s stock.

Bank of America Stock Down 0.4 %

Shares of NYSE:BAC traded down $0.15 during trading on Monday, hitting $42.17. The stock had a trading volume of 5,904,040 shares, compared to its average volume of 38,702,461. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a market capitalization of $329.79 billion, a PE ratio of 14.59, a PEG ratio of 1.39 and a beta of 1.33. The firm’s fifty day moving average is $39.89 and its 200 day moving average is $39.44. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted 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. 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 10.56% and a net margin of 13.28%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.90 EPS. Analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid 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 2.47%. Bank of America’s dividend payout ratio is 35.99%.

Bank of America declared that its board has initiated a share buyback 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 purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

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.