Bank of America Corporation $BAC is Berkshire Hathaway Inc’s 3rd Largest Position

Berkshire Hathaway Inc lowered its stake in Bank of America Corporation (NYSE:BAC) by 4.2% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 605,267,375 shares of the financial services provider’s stock after selling 26,306,156 shares during the period. Bank of America accounts for about 11.1% of Berkshire Hathaway Inc’s holdings, making the stock its 3rd largest holding. Berkshire Hathaway Inc owned 0.08% of Bank of America worth $28,641,252,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Wealth Advisory Solutions LLC grew its stake in shares of Bank of America by 4.4% in the second quarter. Wealth Advisory Solutions LLC now owns 5,126 shares of the financial services provider’s stock worth $243,000 after acquiring an additional 214 shares during the last quarter. Ballast Advisors LLC grew its position in Bank of America by 4.1% during the 2nd quarter. Ballast Advisors LLC now owns 5,489 shares of the financial services provider’s stock valued at $260,000 after purchasing an additional 218 shares during the last quarter. AllSquare Wealth Management LLC increased its stake in Bank of America by 1.0% during the 2nd quarter. AllSquare Wealth Management LLC now owns 23,072 shares of the financial services provider’s stock valued at $1,092,000 after purchasing an additional 220 shares in the last quarter. Cyndeo Wealth Partners LLC raised its holdings in Bank of America by 0.8% in the second quarter. Cyndeo Wealth Partners LLC now owns 28,394 shares of the financial services provider’s stock worth $1,344,000 after buying an additional 221 shares during the last quarter. Finally, Wealth Preservation Advisors LLC lifted its stake in shares of Bank of America by 48.7% in the second quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock worth $32,000 after buying an additional 223 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $55.14 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $402.66 billion, a PE ratio of 15.02 and a beta of 1.30. The firm’s 50 day moving average price is $52.39 and its 200-day moving average price is $49.45. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $55.30.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The business had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the prior year, the company earned $0.81 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. Equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.0%. Bank of America’s payout ratio is 30.52%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BAC shares. UBS Group raised their price target on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Deutsche Bank Aktiengesellschaft boosted their price target on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Oppenheimer reduced their price objective on Bank of America from $57.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, November 19th. HSBC upped their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Finally, Truist Financial boosted their price objective on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

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.