Griffin Asset Management Inc. Has $12.92 Million Stock Position in Bank of America Co. (NYSE:BAC)

Griffin Asset Management Inc. cut its stake in Bank of America Co. (NYSE:BAC) by 1.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 325,618 shares of the financial services provider’s stock after selling 3,630 shares during the period. Bank of America accounts for 1.4% of Griffin Asset Management Inc.’s investment portfolio, making the stock its 16th largest holding. Griffin Asset Management Inc.’s holdings in Bank of America were worth $12,921,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Jamison Private Wealth Management Inc. lifted its stake in shares of Bank of America by 2.8% in the 3rd quarter. Jamison Private Wealth Management Inc. now owns 260,579 shares of the financial services provider’s stock valued at $10,340,000 after purchasing an additional 7,118 shares during the period. Opal Wealth Advisors LLC lifted its stake in Bank of America by 7.3% in the third quarter. Opal Wealth Advisors LLC now owns 15,284 shares of the financial services provider’s stock valued at $606,000 after buying an additional 1,045 shares during the period. Cascade Investment Group Inc. boosted its holdings in shares of Bank of America by 31.2% during the 3rd quarter. Cascade Investment Group Inc. now owns 7,977 shares of the financial services provider’s stock worth $317,000 after buying an additional 1,897 shares in the last quarter. Acorn Creek Capital LLC bought a new position in shares of Bank of America during the 3rd quarter worth approximately $247,000. Finally, EdgeRock Capital LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth approximately $227,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on BAC. Cfra reissued a “sell” rating and set a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Oppenheimer raised their price objective on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $42.27.

Insiders Place Their Bets

In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were 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 directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were 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 directly owns 10,907 shares of the company’s stock, valued at $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 is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the completion of the transaction, the insider now directly owns 812,041,811 shares in the company, valued at approximately $31,888,881,917.97. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 148,230,389 shares of company stock worth $6,023,064,684 in the last quarter. 0.29% of the stock is owned by company insiders.

Bank of America Trading Up 0.5 %

Shares of Bank of America stock opened at $42.14 on Wednesday. The firm 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. Bank of America Co. has a 1 year low of $24.96 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 stock has a fifty day moving average price of $39.62 and a 200-day moving average price of $39.33.

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, meeting the consensus estimate of $0.81. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 earnings per share. Equities research analysts anticipate that Bank of America Co. will post 3.25 EPS 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 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 was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.47%. Bank of America’s payout ratio is presently 35.99%.

Bank of America declared that its board has approved a share buyback program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are 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.