Prio Wealth Limited Partnership Sells 16,551 Shares of Bank of America Co. (NYSE:BAC)

Prio Wealth Limited Partnership trimmed its position in Bank of America Co. (NYSE:BAC) by 1.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,350,154 shares of the financial services provider’s stock after selling 16,551 shares during the quarter. Bank of America comprises about 1.6% of Prio Wealth Limited Partnership’s investment portfolio, making the stock its 16th biggest position. Prio Wealth Limited Partnership’s holdings in Bank of America were worth $53,574,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in BAC. Delos Wealth Advisors LLC increased its holdings 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 purchasing an additional 547 shares during the last quarter. Fairway Wealth LLC purchased a new position in Bank of America in the second quarter worth about $27,000. POM Investment Strategies LLC grew its position in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC purchased a new position in Bank of America in the second quarter worth about $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in Bank of America in the first quarter worth about $33,000. 70.71% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the sale, the insider now directly owns 835,908,435 shares in the company, valued at $34,088,345,979.30. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 138,284,099 shares of company stock valued at $5,593,609,660 over the last ninety days. 0.29% of the stock is currently owned by insiders.

Bank of America Stock Down 0.4 %

Shares of BAC stock traded down $0.15 during trading hours on Monday, reaching $42.17. 5,904,040 shares of the company’s stock were exchanged, compared to its average volume of 38,702,461. The stock’s 50 day moving average is $39.89 and its 200-day moving average is $39.44. The company has a market cap of $329.79 billion, a price-to-earnings ratio of 14.59, 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. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. 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%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 earnings per share. 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 approved a share buyback plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Analyst Ratings Changes

Several research analysts recently commented on BAC shares. Oppenheimer lifted their price target on Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Morgan Stanley boosted their target price on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. BMO Capital Markets boosted their target price on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Finally, Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price 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.