SouthState Corp Sells 8,240 Shares of Bank of America Co. (NYSE:BAC)

SouthState Corp trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 236,143 shares of the financial services provider’s stock after selling 8,240 shares during the period. SouthState Corp’s holdings in Bank of America were worth $9,370,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Summit Global Investments boosted its stake in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after acquiring an additional 36,089 shares during the last quarter. Accent Capital Management LLC raised its holdings in shares of Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the period. Baker Avenue Asset Management LP grew its holdings in Bank of America by 125.8% during the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after purchasing an additional 33,983 shares during the period. Citizens Financial Group Inc. RI increased its position in Bank of America by 27.1% in 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 buying an additional 20,916 shares during the last quarter. Finally, SteelPeak Wealth LLC raised its stake in shares of Bank of America by 37.7% in the second quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after buying an additional 14,901 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of BAC stock opened at $46.72 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.02. The firm has a market cap of $358.48 billion, a P/E ratio of 16.99, a P/E/G ratio of 1.58 and a beta of 1.32. The business’s 50 day moving average price is $41.64 and its 200-day moving average price is $40.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the previous year, the firm earned $0.90 EPS. The company’s quarterly revenue was up .4% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.23%. Bank of America’s payout ratio is 37.82%.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Barclays lifted their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Evercore ISI upped their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley raised their price target on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $44.26.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 48.91 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 102,848,970 shares of company stock worth $4,145,103,288. Company insiders own 0.29% of the company’s stock.

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.