Lake Street Advisors Group LLC Has $2.37 Million Stock Position in Bank of America Co. (NYSE:BAC)

Lake Street Advisors Group LLC increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.9% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 59,667 shares of the financial services provider’s stock after purchasing an additional 1,663 shares during the period. Lake Street Advisors Group LLC’s holdings in Bank of America were worth $2,368,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. McAdam LLC boosted its holdings in shares of Bank of America by 2.1% during the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 238 shares during the period. Integrity Financial Corp WA raised its position in Bank of America by 1.6% during the third quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after purchasing an additional 240 shares in the last quarter. BTC Capital Management Inc. increased its holdings in shares of Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after buying an additional 248 shares in the last quarter. Central Bank & Trust Co. increased its holdings in Bank of America by 15.1% in the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 248 shares during the period. Finally, SNS Financial Group LLC increased its holdings in Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 248 shares during the period. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was 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 news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred 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 owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 125,336,839 shares of company stock worth $5,049,968,704 in the last 90 days. 0.29% of the stock is owned by company insiders.

Bank of America Price Performance

NYSE:BAC traded down $0.11 during trading hours on Friday, hitting $42.54. The stock had a trading volume of 4,432,963 shares, compared to its average volume of 38,530,344. The company has a 50 day simple moving average of $40.11 and a two-hundred day simple moving average of $39.53. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The firm has a market capitalization of $330.09 billion, a price-to-earnings ratio of 15.51, a P/E/G ratio of 1.43 and a beta of 1.33.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same period in the previous year, the firm posted $0.90 EPS. The firm’s revenue was up .4% compared to the same quarter last year. Research analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock buyback program 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 buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is presently 37.82%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on BAC shares. BMO Capital Markets increased their price objective on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the company from $37.00 to $42.00 in a research report 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 report on Tuesday, July 2nd. Morgan Stanley upped their price target on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, Oppenheimer increased their price objective on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Bank of America 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.