Corundum Group Inc. Cuts Stake in Bank of America Co. (NYSE:BAC)

Corundum Group Inc. trimmed its stake in Bank of America Co. (NYSE:BAC) by 34.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,205 shares of the financial services provider’s stock after selling 12,506 shares during the quarter. Corundum Group Inc.’s holdings in Bank of America were worth $960,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. McAdam LLC grew its stake in shares of Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after buying an additional 238 shares during the period. BTC Capital Management Inc. grew its position in Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after acquiring an additional 248 shares during the period. Central Bank & Trust Co. grew its position in Bank of America by 15.1% during the second 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 during the period. SNS Financial Group LLC increased its position in Bank of America by 3.3% during the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 248 shares in the last quarter. Finally, Chicago Capital LLC raised its stake in shares of Bank of America by 1.8% in the 3rd quarter. Chicago Capital LLC now owns 13,923 shares of the financial services provider’s stock valued at $552,000 after acquiring an additional 250 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.7 %

Bank of America stock opened at $42.32 on Monday. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. 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 firm has a market capitalization of $330.96 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.39 and a beta of 1.33. The firm has a 50-day moving average price of $39.89 and a two-hundred day moving average price of $39.44.

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, topping the consensus estimate of $0.78 by $0.03. The business 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 10.56% and a net margin of 13.28%. The business’s revenue was up .4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 earnings per share. Sell-side analysts expect that Bank of America Co. will post 3.25 earnings per share for the current year.

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

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.46%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is currently 35.99%.

Insider Activity at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s 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 sale, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 138,284,099 shares of company stock worth $5,593,609,660 in the last 90 days. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. BMO Capital Markets boosted 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. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Cfra reissued a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Oppenheimer boosted their price target on Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Bank of America 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.