ERn Financial LLC Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

ERn Financial LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 3.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 21,270 shares of the financial services provider’s stock after selling 748 shares during the period. ERn Financial LLC’s holdings in Bank of America were worth $844,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Scarborough Advisors LLC acquired a new stake in shares of Bank of America in the 4th quarter worth $65,000. Confluence Investment Management LLC acquired a new stake in Bank of America in the first quarter valued at about $409,000. Insight Wealth Strategies LLC purchased a new stake in Bank of America in the 1st quarter valued at approximately $286,000. Los Angeles Capital Management LLC increased its position in Bank of America by 10.3% during the 1st quarter. Los Angeles Capital Management LLC now owns 1,334,286 shares of the financial services provider’s stock worth $50,596,000 after purchasing an additional 124,810 shares during the period. Finally, Ferguson Wellman Capital Management Inc. raised its stake in shares of Bank of America by 11.6% during the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 15,089 shares of the financial services provider’s stock worth $572,000 after buying an additional 1,565 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total transaction of $160,649,311.50. Following the completion of the sale, the insider now directly owns 776,614,511 shares of the company’s stock, valued at $31,173,306,471.54. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 148,230,389 shares of company stock valued at $6,023,064,684 over the last quarter. Company insiders own 0.29% of the company’s stock.

Bank of America Trading Up 0.5 %

Bank of America stock opened at $42.14 on Wednesday. The stock has a market cap of $329.55 billion, a PE ratio of 14.58, a P/E/G ratio of 1.39 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a 50-day moving average price of $39.62 and a 200 day moving average price of $39.33. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44.

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, meeting analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the previous year, the business posted $0.90 earnings per share. The company’s revenue was up .4% on a year-over-year basis. Equities research analysts predict that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a stock repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

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

Analyst Ratings Changes

A number of analysts recently weighed in on BAC shares. Cfra restated a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Tuesday, September 3rd. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Evercore ISI increased their target price on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $42.27.

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.