Buckley Wealth Management LLC cut its holdings in Bank of America Corp (NYSE:BAC) by 12.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 49,864 shares of the financial services provider’s stock after selling 7,199 shares during the period. Bank of America accounts for 0.7% of Buckley Wealth Management LLC’s portfolio, making the stock its 29th largest holding. Buckley Wealth Management LLC’s holdings in Bank of America were worth $1,455,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Larson Financial Group LLC increased its stake in shares of Bank of America by 195.6% in the third quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 880 shares in the last quarter. Salomon & Ludwin LLC increased its stake in shares of Bank of America by 120.6% in the second quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 814 shares in the last quarter. WealthStone Inc. purchased a new stake in shares of Bank of America in the second quarter worth $49,000. Ellevest Inc. purchased a new stake in shares of Bank of America in the second quarter worth $60,000. Finally, Intercontinental Wealth Advisors LLC increased its stake in shares of Bank of America by 39.2% in the third quarter. Intercontinental Wealth Advisors LLC now owns 2,132 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 600 shares in the last quarter. Institutional investors and hedge funds own 68.48% of the company’s stock.
In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.17% of the company’s stock.
Several research firms recently weighed in on BAC. ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Wells Fargo & Co set a $34.00 target price on shares of Bank of America and gave the company a “buy” rating in a research note on Friday, August 16th. JPMorgan Chase & Co. cut their target price on shares of Bank of America from $31.00 to $30.00 and set an “overweight” rating for the company in a research note on Thursday. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price for the company in a research note on Monday, June 17th. Finally, Morgan Stanley cut their target price on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a research note on Friday, October 4th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. Bank of America presently has a consensus rating of “Hold” and a consensus target price of $32.32.
Shares of NYSE:BAC traded up $0.46 on Friday, reaching $28.91. The company’s stock had a trading volume of 70,005,605 shares, compared to its average volume of 57,443,616. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.17. The company has a market cap of $271.38 billion, a P/E ratio of 11.08, a PEG ratio of 1.13 and a beta of 1.60. The company has a 50-day simple moving average of $28.40 and a 200 day simple moving average of $28.71. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. During the same period last year, the company posted $0.63 EPS. The business’s revenue was up 2.7% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Corp will post 2.82 EPS for the current fiscal year.
Bank of America declared that its Board of Directors has approved a share repurchase program on Thursday, June 27th that allows the company to repurchase $30.90 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were paid a $0.18 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend was Thursday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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