ST Germain D J Co. Inc. Trims Position in Bank of America Co. (NYSE:BAC)

ST Germain D J Co. Inc. trimmed its position in Bank of America Co. (NYSE:BAC) by 4.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,265 shares of the financial services provider’s stock after selling 388 shares during the period. ST Germain D J Co. Inc.’s holdings in Bank of America were worth $328,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Delos Wealth Advisors LLC raised its stake in shares of Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the period. Fairway Wealth LLC bought a new stake in Bank of America during the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC lifted its holdings 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 purchasing an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the second quarter worth approximately $30,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America in the first quarter worth $33,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

BAC stock opened at $42.32 on Friday. The stock has a market cap of $330.96 billion, a PE ratio of 14.64, a P/E/G 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 has a 50-day moving average price of $39.89 and a 200 day moving average price of $39.43. 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 announced its earnings results 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. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. 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 earned $0.90 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized 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 buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.46%. Bank of America’s payout ratio is 35.99%.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of Bank of America stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $42.41, for a total transaction of $269,261,980.61. Following the completion of the sale, the insider now owns 992,612,058 shares in the company, valued at $42,096,677,379.78. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $42.41, for a total value of $269,261,980.61. Following the transaction, the insider now owns 992,612,058 shares of the company’s stock, valued at $42,096,677,379.78. This represents 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. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America 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 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 144,633,120 shares of company stock valued at $5,862,871,640. 0.29% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BAC. Jefferies Financial Group upped their target price on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday. Morgan Stanley lifted their target price on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday. Barclays upped their price target on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

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.