Moloney Securities Asset Management LLC Sells 1,970 Shares of Bank of America Co. (NYSE:BAC)

Moloney Securities Asset Management LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 10.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 17,395 shares of the financial services provider’s stock after selling 1,970 shares during the period. Moloney Securities Asset Management LLC’s holdings in Bank of America were worth $690,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in BAC. Citizens Financial Group Inc. RI lifted its stake in Bank of America by 27.1% during the first quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock worth $3,734,000 after purchasing an additional 20,916 shares during the last quarter. Councilmark Asset Management LLC bought a new stake in Bank of America during the first quarter worth about $771,000. SteelPeak Wealth LLC lifted its stake in Bank of America by 37.7% during the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock worth $2,163,000 after purchasing an additional 14,901 shares during the last quarter. Brookstone Capital Management lifted its stake in Bank of America by 11.5% during the second quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider’s stock worth $8,628,000 after purchasing an additional 20,309 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Bank of America by 39.7% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 9,941,700 shares of the financial services provider’s stock worth $395,381,000 after buying an additional 2,827,700 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock opened at $41.89 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $321.42 billion, a P/E ratio of 15.23, a PEG ratio of 1.42 and a beta of 1.32. The stock’s 50 day moving average is $40.61 and its 200 day moving average is $39.92. Bank of America Co. has a twelve month low of $27.34 and a twelve month high of $44.44.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period last year, the business posted $0.90 EPS. The company’s revenue was up .4% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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 of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.48%. Bank of America’s dividend payout ratio is 37.82%.

Bank of America announced that its board has approved a share buyback plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have recently commented on BAC shares. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, September 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Cfra reiterated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, BMO Capital Markets upped their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $42.97.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the transaction, the insider now directly owns 937,246,053 shares in the company, valued at $36,843,142,343.43. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on 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 transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the completion of the transaction, the insider now directly owns 937,246,053 shares in the company, valued at approximately $36,843,142,343.43. 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 113,067,817 shares of company stock worth $4,548,518,070. Insiders own 0.29% of the company’s stock.

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.