Bank of America Co. (NYSE:BAC) Shares Sold by Murphy Pohlad Asset Management LLC

Murphy Pohlad Asset Management LLC decreased its position in Bank of America Co. (NYSE:BAC) by 44.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,242 shares of the financial services provider’s stock after selling 31,459 shares during the quarter. Murphy Pohlad Asset Management LLC’s holdings in Bank of America were worth $1,557,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Fairway Wealth LLC acquired a new position in Bank of America during the 2nd quarter worth about $27,000. Delos Wealth Advisors LLC lifted its position in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares in the last quarter. POM Investment Strategies LLC boosted its stake in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the period. Bbjs Financial Advisors LLC purchased a new stake in Bank of America during the 2nd quarter worth approximately $30,000. Finally, Clearstead Trust LLC increased its stake in Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after buying an additional 834 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC opened at $41.76 on Friday. The stock has a market cap of $320.42 billion, a P/E ratio of 15.19, a P/E/G ratio of 1.43 and a beta of 1.33. Bank of America Co. has a twelve month low of $26.59 and a twelve month high of $44.44. The stock has a 50 day moving average of $40.54 and a two-hundred day moving average of $39.78. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

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

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.49%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now directly owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the transaction, the insider now owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated 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 directly owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,078,718 shares of company stock valued at $4,548,920,425 in the last ninety days. Insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. BMO Capital Markets upped their price target on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Oppenheimer lifted their price objective on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Morgan Stanley raised their target price 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. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

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.