Kozak & Associates Inc. Sells 295 Shares of Bank of America Co. (NYSE:BAC)

Kozak & Associates Inc. lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.6% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 7,924 shares of the financial services provider’s stock after selling 295 shares during the period. Kozak & Associates Inc.’s holdings in Bank of America were worth $339,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Onyx Bridge Wealth Group LLC boosted its holdings in shares of Bank of America by 5.0% during the third quarter. Onyx Bridge Wealth Group LLC now owns 9,829 shares of the financial services provider’s stock worth $390,000 after acquiring an additional 467 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Bank of America by 6.6% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 1,012,484 shares of the financial services provider’s stock worth $40,175,000 after acquiring an additional 63,038 shares during the period. Harbour Capital Advisors LLC boosted its holdings in shares of Bank of America by 2.0% during the third quarter. Harbour Capital Advisors LLC now owns 74,702 shares of the financial services provider’s stock worth $3,002,000 after acquiring an additional 1,430 shares during the period. Ellsworth Advisors LLC boosted its holdings in shares of Bank of America by 9.8% during the third quarter. Ellsworth Advisors LLC now owns 43,801 shares of the financial services provider’s stock worth $1,738,000 after acquiring an additional 3,913 shares during the period. Finally, Drake & Associates LLC boosted its holdings in shares of Bank of America by 9.5% during the third quarter. Drake & Associates LLC now owns 12,148 shares of the financial services provider’s stock worth $482,000 after acquiring an additional 1,053 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Tuesday, September 3rd. Morgan Stanley boosted their price target on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Barclays boosted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.62.

Bank of America Stock Performance

NYSE BAC opened at $42.61 on Friday. The company has a market capitalization of $333.23 billion, a price-to-earnings ratio of 14.74, a PEG ratio of 1.39 and a beta of 1.33. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The stock has a fifty day simple moving average of $39.81 and a 200 day simple moving average of $39.38. 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 (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates 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%. Bank of America’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. Sell-side analysts expect that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.44%. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

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

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $42.39, for a total transaction of $229,779,191.61. Following the sale, the insider now owns 980,061,561 shares of the company’s stock, valued at approximately $41,544,809,570.79. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $42.39, for a total transaction of $229,779,191.61. Following the sale, the insider now owns 980,061,561 shares of the company’s stock, valued at approximately $41,544,809,570.79. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 144,633,120 shares of company stock valued at $5,862,871,640. 0.29% of the stock is currently owned by insiders.

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.