Bank of America Co. (NYSE:BAC) is Community Bank of Raymore’s 5th Largest Position

Community Bank of Raymore trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 17.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,193 shares of the financial services provider’s stock after selling 27,215 shares during the quarter. Bank of America makes up about 3.9% of Community Bank of Raymore’s portfolio, making the stock its 5th biggest holding. Community Bank of Raymore’s holdings in Bank of America were worth $5,166,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Bank of America by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after acquiring an additional 36,124,363 shares in the last quarter. Legal & General Group Plc increased its holdings in Bank of America by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after acquiring an additional 895,884 shares in the last quarter. Capital World Investors increased its holdings in Bank of America by 0.4% in the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after acquiring an additional 165,070 shares in the last quarter. Pzena Investment Management LLC boosted its stake in Bank of America by 4.7% during the 1st quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock worth $813,983,000 after purchasing an additional 954,885 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its stake in Bank of America by 23.6% during the 2nd quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock worth $646,693,000 after purchasing an additional 3,109,197 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of several recent research reports. BMO Capital Markets lifted their target price on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Evercore ISI lifted their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Barclays lifted their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $42.62.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $42.41, for a total value of $269,261,980.61. Following the sale, the insider now owns 992,612,058 shares of the company’s stock, valued at $42,096,677,379.78. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $42.41, for a total value of $269,261,980.61. Following the sale, the insider now owns 992,612,058 shares of the company’s stock, valued at $42,096,677,379.78. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 148,230,389 shares of company stock valued at $6,023,064,684. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Stock Up 1.6 %

Shares of BAC opened at $42.80 on Thursday. The firm has a market cap of $334.71 billion, a P/E ratio of 14.81, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The company’s 50-day moving average price is $39.72 and its 200 day moving average price is $39.35. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. Bank of America’s revenue was up .4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 EPS. On average, sell-side analysts forecast that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.43%. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America declared that its Board of Directors has approved a stock buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase 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.