Guardian Investment Management trimmed its holdings in Bank of America Co. (NYSE:BAC) by 44.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,868 shares of the financial services provider’s stock after selling 61,025 shares during the period. Bank of America accounts for approximately 2.4% of Guardian Investment Management’s holdings, making the stock its 12th largest position. Guardian Investment Management’s holdings in Bank of America were worth $3,010,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Fairway Wealth LLC bought a new stake in Bank of America in the second quarter worth approximately $27,000. Delos Wealth Advisors LLC boosted its holdings in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the period. POM Investment Strategies LLC boosted its holdings in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the period. Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America during the 2nd quarter worth $30,000. Finally, Livelsberger Financial Advisory bought a new stake in shares of Bank of America during the 4th quarter worth $28,000. 70.71% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several analysts recently issued reports on the stock. 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. Evercore ISI upped their price objective on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Barclays upped their target price on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. BMO Capital Markets upped their target price 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, StockNews.com cut 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 issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.27.
Bank of America Price Performance
NYSE:BAC traded up $1.98 during mid-day trading on Friday, reaching $41.95. 50,660,740 shares of the company were exchanged, compared to its average volume of 38,864,645. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a fifty day moving average of $39.41 and a 200 day moving average of $39.26. 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 stock has a market cap of $328.06 billion, a PE ratio of 14.52, a PEG ratio of 1.39 and a beta of 1.33.
Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same quarter in the prior year, the firm earned $0.88 EPS. The company’s revenue was up .7% on a year-over-year basis. On average, research analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.
Bank of America Increases Dividend
The firm also recently announced 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 2.48%. The ex-dividend date was Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is 35.99%.
Bank of America announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
Insider Activity
In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the sale, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 160,921,082 shares of company stock valued at $6,582,343,525. 0.29% of the stock is currently owned by insiders.
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.
Featured Stories
- Five stocks we like better than Bank of America
- The Basics of Support and Resistance
- Why Fastenal Stock Could Hit New Highs After Strong Q3 Results
- How Can Retail Investors Trade the Toronto Stock Exchange (TSX)?
- Why Eli Lilly Stock Is Soaring—and How It Plans to Stay on Top
- 3 Best Fintech Stocks for a Portfolio Boost
- 3 Mid-Cap Stocks Under $20 With Insider Buying and Major Upside
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.