Bank of America Co. (NYSE:BAC) Shares Bought by Procyon Advisors LLC

Procyon Advisors LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 0.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 97,624 shares of the financial services provider’s stock after buying an additional 760 shares during the period. Procyon Advisors LLC’s holdings in Bank of America were worth $3,872,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. American National Bank & Trust Co. VA acquired a new position in Bank of America in the first quarter valued at approximately $1,322,000. Citizens Financial Group Inc. RI boosted its holdings in Bank of America by 27.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after purchasing an additional 20,916 shares in the last quarter. Foster Group Inc. increased its position in Bank of America by 19.4% during the 1st quarter. Foster Group Inc. now owns 8,977 shares of the financial services provider’s stock worth $340,000 after purchasing an additional 1,457 shares during the period. Councilmark Asset Management LLC purchased a new position in shares of Bank of America during the 1st quarter worth approximately $771,000. Finally, SteelPeak Wealth LLC lifted its holdings in shares of Bank of America by 37.7% in the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after buying an additional 14,901 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BAC. BMO Capital Markets upped their price objective 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 issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. Cfra reissued a “sell” rating and issued a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. Finally, StockNews.com lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $42.27.

Insider Buying and Selling

In related news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was 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 of the company’s stock, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. This 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 sold 160,921,082 shares of company stock worth $6,582,343,525. 0.29% of the stock is owned by company insiders.

Bank of America Trading Up 0.4 %

NYSE:BAC opened at $42.10 on Monday. The stock has a market cap of $329.24 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 1.39 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current 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 business has a fifty day moving average of $39.41 and a 200-day moving average of $39.27.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter last year, the business posted $0.88 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. Equities analysts predict that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.47%. The ex-dividend date was Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is 35.99%.

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

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.