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

SouthState Corp reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 236,143 shares of the financial services provider’s stock after selling 8,240 shares during the quarter. SouthState Corp’s holdings in Bank of America were worth $9,370,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. AMF Tjanstepension AB grew its holdings in shares of Bank of America by 959.6% during the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after purchasing an additional 8,447,091 shares during the last quarter. Swedbank AB bought a new stake in shares of Bank of America during the first quarter worth $261,923,000. 1832 Asset Management L.P. increased its holdings in shares of Bank of America by 1,432.1% during the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after buying an additional 5,749,567 shares in the last quarter. International Assets Investment Management LLC lifted its stake in shares of Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after acquiring an additional 4,423,215 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at $127,252,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the completion of the sale, the insider now owns 812,041,811 shares in the company, valued at approximately $31,888,881,917.97. This represents a 0.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 102,848,970 shares of company stock valued at $4,145,103,288 over the last ninety days. 0.29% of the stock is owned by company insiders.

Bank of America Stock Performance

NYSE:BAC opened at $46.72 on Tuesday. 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 twelve month low of $29.32 and a twelve month high of $47.02. The company has a fifty day moving average of $41.64 and a 200-day moving average of $40.44. The firm has a market capitalization 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.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share 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 net margin of 12.48% and a return on equity of 10.09%. The business’s revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America declared that its board has approved a stock buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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 paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BAC. Citigroup raised Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Oppenheimer raised their price objective on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have issued 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $44.26.

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.