Bank of America Co. (NYSE:BAC) Shares Sold by Firethorn Wealth Partners LLC

Firethorn Wealth Partners LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.1% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,739 shares of the financial services provider’s stock after selling 708 shares during the quarter. Firethorn Wealth Partners LLC’s holdings in Bank of America were worth $664,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of BAC. Delos Wealth Advisors LLC lifted its holdings in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares in the last quarter. Fairway Wealth LLC acquired a new position in shares of Bank of America during the second quarter worth about $27,000. POM Investment Strategies LLC boosted its position 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 worth $29,000 after buying an additional 646 shares during the period. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America in the second quarter valued at about $30,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the 1st quarter valued at about $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.6 %

Shares of NYSE BAC opened at $42.80 on Thursday. The company has a market cap of $334.71 billion, a price-to-earnings ratio of 14.81, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The stock’s 50 day simple moving average is $39.72 and its 200 day simple moving average is $39.35. 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 Co. has a 12-month low of $24.96 and a 12-month high of $44.44.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the previous year, the company posted $0.90 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. Equities research analysts expect that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.43%. Bank of America’s dividend payout ratio (DPR) is 35.99%.

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

Wall Street Analyst Weigh In

BAC has been the subject of a number of analyst reports. 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. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Oppenheimer upped their price objective on shares of Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $42.62.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $42.41, for a total transaction of $269,261,980.61. Following the completion of the transaction, the insider now directly owns 992,612,058 shares in the company, valued at approximately $42,096,677,379.78. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $42.41, for a total value of $269,261,980.61. Following the completion of the transaction, the insider now owns 992,612,058 shares in the company, valued at $42,096,677,379.78. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’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 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 148,230,389 shares of company stock worth $6,023,064,684. 0.29% of the stock is 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.