Garrison Point Advisors LLC Increases Position in Bank of America Co. (NYSE:BAC)

Garrison Point Advisors LLC boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,479 shares of the financial services provider’s stock after purchasing an additional 751 shares during the quarter. Garrison Point Advisors LLC’s holdings in Bank of America were worth $694,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Silver Oak Securities Incorporated raised its stake in shares of Bank of America by 40.7% during the 3rd quarter. Silver Oak Securities Incorporated now owns 10,945 shares of the financial services provider’s stock worth $431,000 after buying an additional 3,164 shares during the period. Moody Lynn & Lieberson LLC increased its holdings in Bank of America by 21.5% in the 3rd quarter. Moody Lynn & Lieberson LLC now owns 27,277 shares of the financial services provider’s stock worth $1,082,000 after acquiring an additional 4,828 shares in the last quarter. Dakota Wealth Management raised its position in Bank of America by 180.1% during the third quarter. Dakota Wealth Management now owns 531,330 shares of the financial services provider’s stock worth $21,083,000 after acquiring an additional 341,663 shares during the period. DT Investment Partners LLC lifted its holdings in Bank of America by 8.3% during the third quarter. DT Investment Partners LLC now owns 14,768 shares of the financial services provider’s stock valued at $586,000 after purchasing an additional 1,133 shares in the last quarter. Finally, JCIC Asset Management Inc. grew its position in shares of Bank of America by 8.9% in the third quarter. JCIC Asset Management Inc. now owns 7,705 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 630 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC opened at $42.64 on Friday. The firm has a 50-day simple moving average of $40.11 and a two-hundred day simple moving average of $39.53. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The stock has a market cap of $330.87 billion, a PE ratio of 15.51, a P/E/G ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the company earned $0.90 earnings per share. The firm’s quarterly revenue was up .4% compared to the same quarter last year. As a group, analysts forecast that Bank of America Co. will post 3.26 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. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Bank of America declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. BMO Capital Markets raised their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Barclays boosted their price target on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, September 3rd. Cfra reaffirmed a “sell” rating and set a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $42.69.

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 $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now 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 125,336,839 shares of company stock worth $5,049,968,704 in the last three months. 0.29% of the stock is owned by company insiders.

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.