Boston Common Asset Management LLC raised its stake in Bank of America Co. (NYSE:BAC – Free Report) by 143.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 144,980 shares of the financial services provider’s stock after buying an additional 85,308 shares during the quarter. Boston Common Asset Management LLC’s holdings in Bank of America were worth $5,753,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position 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 in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares in the last quarter. Legal & General Group Plc raised its holdings in Bank of America by 1.6% in the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after acquiring an additional 895,884 shares in the last quarter. Capital World Investors raised its holdings in Bank of America by 0.4% in the first quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock valued at $1,530,241,000 after acquiring an additional 165,070 shares in the last quarter. Finally, Fisher Asset Management LLC raised its holdings in Bank of America by 17.1% in the fourth quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock valued at $1,267,820,000 after acquiring an additional 5,488,790 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.
Bank of America Trading Down 0.5 %
NYSE:BAC opened at $39.97 on Friday. The company has a market capitalization of $310.15 billion, a PE ratio of 14.07, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. 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 Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The stock has a fifty day simple moving average of $39.31 and a 200-day simple moving average of $39.21.
Bank of America announced that its Board of Directors has initiated a share buyback 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 buy up to 7.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
Bank of America Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date was Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is currently 36.62%.
Insider Buying and Selling
In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. 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, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 160,921,082 shares of company stock worth $6,582,343,525. 0.29% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on BAC. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Tuesday, September 3rd. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $42.27.
Get Our Latest Research Report on BAC
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.
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