2 weeks Ago By ABMN Staff
SkyView Investment Advisors LLC boosted its stake in Bank of America Co. ( NYSE:BAC ) by 13.5% during the second quarter, HoldingsChannel reports.
The institutional investor owned 14,957 shares of the financial services provider’s stock after buying an additional 1,783 shares during the quarter. SkyView Investment Advisors LLC’s holdings in Bank of America were worth $595,000 at the end of the most recent reporting period. Several other institutional investors also recently bought and sold shares of BAC.
Driehaus Capital Management LLC lifted its position in shares of Bank of America by 56.8% in the second quarter. Driehaus Capital Management LLC now owns 21,993 shares of the financial services provider’s stock valued at $875,000 after acquiring an additional 7,964 shares in the last quarter.
Kathmere Capital Management LLC grew its stake in Bank of America by 13.1% during the 2nd quarter. Kathmere Capital Management LLC now owns 28,751 shares of the financial services provider’s stock valued at $1,143,000 after acquiring an additional 3,334 shares in the last quarter.
Texas Capital Bank Wealth Management Services Inc raised its holdings in Bank of America by 125.5% in the 2nd quarter. Texas Capital Bank Wealth Management Services Inc now owns 35,609 shares of the financial services provider’s stock valued at $1,416,000 after acquiring an additional 19,821 shares during the last quarter.
Smith Thornton Advisors LLC purchased a new position in Bank of America in the 2nd quarter worth approximately $1,255,000. Finally, Sculptor Capital LP boosted its holdings in shares of Bank of America by 12.7% during the 2nd quarter.
Sculptor Capital LP now owns 890,000 shares of the financial services provider’s stock worth $35,395,000 after purchasing an additional 100,000 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Bank of America Price Performance Shares of BAC opened at $39.40 on Friday. 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 fifty-two week low of $24.96 and a fifty-two week high of $44.
44. The company has a market cap of $308.12 billion, a P/E ratio of 13.
63, a PEG ratio of 1.37 and a beta of 1.33.
The firm’s 50 day moving average price is $39.62 and its 200 day moving average price is $39.02.
Bank of America declared that its board has approved a share repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 7.
6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued. Bank of America Increases Dividend The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th.
Stockholders of record on Friday, September 6th were paid a $0.26 dividend. This represents a $1.
04 annualized dividend and a dividend yield of 2.64%. 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 presently 35.
99%. Insider Transactions at Bank of America In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction that occurred on Monday, August 5th.
The shares were sold at an average price of $36.91, for a total value of $402,355.91.
Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink .
In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.
91, for a total value of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.
37. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website . Also, major shareholder Berkshire Hathaway Inc sold 3,915,126 shares of the firm’s stock in a transaction on Friday, September 27th.
The shares were sold at an average price of $39.52, for a total transaction of $154,725,779.52.
Following the completion of the sale, the insider now owns 802,668,860 shares in the company, valued at $31,721,473,347.20. The disclosure for this sale can be found here .
Over the last ninety days, insiders sold 140,942,405 shares of company stock valued at $5,785,202,516. 0.29% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth Several equities research analysts recently commented on BAC shares. Royal Bank of Canada lifted their price objective on Bank of America from $39.00 to $46.
00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Morgan Stanley boosted their price target on shares of Bank of America from $46.00 to $49.
00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $37.00 to $42.
00 in a research note on Tuesday, July 9th. BMO Capital Markets increased their price target on shares of 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. Finally, Jefferies Financial Group lifted their price target on shares of Bank of America from $39.00 to $41.
00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.
com, the company currently has an average rating of “Moderate Buy” and an average price target of $42.22. View Our Latest Analysis on Bank of America Bank of America Profile ( Free Report ) 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. Featured Stories Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co.
( NYSE:BAC – Free Report ). Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter .
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