Foundations Investment Advisors LLC Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

Foundations Investment Advisors LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 3.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 49,104 shares of the financial services provider’s stock after selling 1,956 shares during the period. Foundations Investment Advisors LLC’s holdings in Bank of America were worth $1,948,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Bank of America by 5.9% during 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 stake in 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 valued at $370,948,000 after buying an additional 8,447,091 shares during the period. Swedbank AB purchased a new position in Bank of America during the 1st quarter worth $261,923,000. 1832 Asset Management L.P. raised its position in Bank of America by 1,432.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after buying an additional 5,749,567 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Bank of America by 290.7% in 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 acquiring an additional 5,293,000 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on BAC. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, September 3rd. Phillip Securities raised 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. BMO Capital Markets lifted their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Barclays increased their price objective on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.69.

Bank of America Price Performance

Shares of NYSE:BAC opened at $42.34 on Thursday. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The stock has a market cap of $331.11 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The business’s fifty day moving average price is $40.11 and its two-hundred day moving average price is $39.53. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations 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 last year, the business posted $0.90 EPS. On average, analysts forecast that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is 35.99%.

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

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 7,526,661 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $41.70, for a total value of $313,861,763.70. Following the completion of the transaction, the insider now directly owns 966,911,316 shares in the company, valued at approximately $40,320,201,877.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 7,526,661 shares of Bank of America stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $41.70, for a total value of $313,861,763.70. Following the completion of the sale, the insider now owns 966,911,316 shares in the company, valued at $40,320,201,877.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 132,863,500 shares of company stock worth $5,363,830,468. 0.29% of the stock is owned by insiders.

Bank of America Company 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.