Bank of America Co. (NYSE:BAC) Shares Sold by St. Johns Investment Management Company LLC

St. Johns Investment Management Company LLC lessened its position in Bank of America Co. (NYSE:BAC) by 3.3% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 96,077 shares of the financial services provider’s stock after selling 3,244 shares during the period. Bank of America makes up 1.8% of St. Johns Investment Management Company LLC’s holdings, making the stock its 14th largest position. St. Johns Investment Management Company LLC’s holdings in Bank of America were worth $3,812,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. McAdam LLC boosted its holdings in shares of Bank of America by 2.1% during the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after purchasing an additional 238 shares during the period. Integrity Financial Corp WA boosted its position in shares of Bank of America by 1.6% in the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after acquiring an additional 240 shares during the period. BTC Capital Management Inc. increased its holdings in shares of Bank of America by 1.2% during the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after purchasing an additional 248 shares during the period. Central Bank & Trust Co. raised its holdings in Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 248 shares in the last quarter. Finally, SNS Financial Group LLC raised its stake in shares of Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 248 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on BAC shares. Cfra restated a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. BMO Capital Markets raised their price objective on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Morgan Stanley upped their price target on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Jefferies Financial Group increased their price objective on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Bank of America Stock Down 1.8 %

Shares of NYSE:BAC opened at $41.89 on Friday. 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 52-week low of $24.96 and a 52-week high of $44.44. The company has a market capitalization of $325.05 billion, a PE ratio of 15.23, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33. The company has a fifty day moving average of $40.24 and a 200-day moving average of $39.58.

Bank of America (NYSE:BAC) last posted 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. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same period last year, the company earned $0.90 earnings per share. On average, equities analysts predict that Bank of America Co. will post 3.26 EPS 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 issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Bank of America declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of Bank of America stock in a transaction on Monday, July 29th. The shares were sold at an average price of $41.20, for a total transaction of $216,901,561.20. Following the transaction, the insider now owns 961,646,715 shares in the company, valued at approximately $39,619,844,658. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $41.20, for a total transaction of $216,901,561.20. Following the completion of the transaction, the insider now owns 961,646,715 shares in the company, valued at $39,619,844,658. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 125,336,839 shares of company stock worth $5,049,968,704. 0.29% of the stock is currently owned by company 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.