RDA Financial Network Buys 1,326 Shares of Bank of America Co. (NYSE:BAC)

RDA Financial Network grew its stake in shares of Bank of America Co. (NYSE:BAC) by 3.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,515 shares of the financial services provider’s stock after purchasing an additional 1,326 shares during the period. RDA Financial Network’s holdings in Bank of America were worth $1,766,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Delos Wealth Advisors LLC raised its position in shares of Bank of America by 402.2% in the 1st 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 in the last quarter. Fairway Wealth LLC bought a new position in Bank of America in the second quarter worth $27,000. POM Investment Strategies LLC lifted its position in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares during the period. Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at $30,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America in the 1st quarter worth about $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC traded up $0.63 during trading on Tuesday, hitting $42.54. The company’s stock had a trading volume of 46,286,176 shares, compared to its average volume of 38,848,000. 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 firm has a market cap of $332.68 billion, a price-to-earnings ratio of 14.73, a P/E/G ratio of 1.39 and a beta of 1.33. The company has a 50-day moving average of $39.51 and a 200-day moving average of $39.30. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, hitting the consensus estimate of $0.81. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period last year, the firm earned $0.90 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. On average, sell-side analysts expect that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were issued 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 was Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is currently 35.99%.

Bank of America declared that its board has authorized a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have weighed in on BAC shares. Cfra restated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $48.00 target price (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Oppenheimer raised their price target on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Finally, Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.27.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the transaction, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The trade was 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. In related 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 this link. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 160,921,082 shares of company stock valued at $6,582,343,525 over the last quarter. 0.29% of the stock is currently owned by company insiders.

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.