1ST Source Bank Cuts Position in Bank of America Co. (NYSE:BAC)

1ST Source Bank lowered its position in Bank of America Co. (NYSE:BAC) by 0.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,654 shares of the financial services provider’s stock after selling 509 shares during the period. 1ST Source Bank’s holdings in Bank of America were worth $3,796,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Two Sigma Advisers LP increased its position in Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after purchasing an additional 10,175,100 shares in the last quarter. 1832 Asset Management L.P. grew its position in shares of Bank of America by 1,432.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after buying an additional 5,749,567 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in Bank of America by 193.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after buying an additional 5,015,378 shares during the last quarter. International Assets Investment Management LLC grew its position in Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock valued at $1,804,560,000 after buying an additional 4,423,215 shares in the last quarter. Finally, D1 Capital Partners L.P. acquired a new position in shares of Bank of America during the 3rd quarter valued at $174,858,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BAC has been the subject of several research analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Barclays upped their price target on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Piper Sandler upped their price target on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. Finally, Keefe, Bruyette & Woods upped their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $45.92.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80. Following the completion of the transaction, the insider now directly owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. This represents a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 55,223,897 shares of company stock worth $2,232,505,985. Company insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $0.65 during midday trading on Friday, reaching $45.43. 6,666,439 shares of the company’s stock traded hands, compared to its average volume of 38,109,398. The company has a market cap of $348.58 billion, a price-to-earnings ratio of 16.76, a P/E/G ratio of 1.56 and a beta of 1.33. Bank of America Co. has a one year low of $31.27 and a one year high of $48.08. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50 day moving average of $44.27 and a 200 day moving average of $41.43.

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 for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 earnings per share. As a group, equities research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The company 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. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

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.