Greenwood Capital Associates LLC Has $4.89 Million Holdings in Bank of America Co. (NYSE:BAC)

Greenwood Capital Associates LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 4.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 123,267 shares of the financial services provider’s stock after purchasing an additional 5,647 shares during the quarter. Greenwood Capital Associates LLC’s holdings in Bank of America were worth $4,891,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of BAC. Delos Wealth Advisors LLC boosted its holdings in shares of Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares during the period. Fairway Wealth LLC bought a new stake in Bank of America in the second quarter worth $27,000. POM Investment Strategies LLC increased its stake in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the period. Bbjs Financial Advisors LLC bought a new stake in Bank of America in the 2nd quarter worth $30,000. Finally, Clearstead Trust LLC lifted its stake in Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 834 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $39.65, for a total value of $199,638,463.70. Following the transaction, the insider now owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $39.65, for a total value of $199,638,463.70. Following the transaction, the insider now owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. 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 through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America 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 sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,067,817 shares of company stock worth $4,548,518,070. 0.29% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Morgan Stanley increased their price objective on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Bank of America Trading Down 1.0 %

Shares of NYSE BAC opened at $41.33 on Tuesday. Bank of America Co. has a 1-year low of $27.34 and a 1-year high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business’s 50 day moving average is $40.56 and its two-hundred day moving average is $39.89. The stock has a market capitalization of $317.12 billion, a P/E ratio of 15.03, a PEG ratio of 1.42 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the firm earned $0.90 earnings per share. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. As a group, research analysts expect that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.52%. Bank of America’s dividend payout ratio is 37.82%.

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.