Cutter & CO Brokerage Inc. Cuts Position in Bank of America Co. (NYSE:BAC)

Cutter & CO Brokerage Inc. lessened its position in shares of Bank of America Co. (NYSE:BAC) by 4.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,227 shares of the financial services provider’s stock after selling 566 shares during the quarter. Cutter & CO Brokerage Inc.’s holdings in Bank of America were worth $445,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. American National Bank & Trust Co. VA bought a new stake in shares of Bank of America in the 1st quarter valued at approximately $1,322,000. Citizens Financial Group Inc. RI lifted its stake in shares of Bank of America by 27.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider’s stock valued at $3,734,000 after purchasing an additional 20,916 shares during the last quarter. Councilmark Asset Management LLC bought a new stake in shares of Bank of America in the 1st quarter valued at approximately $771,000. SteelPeak Wealth LLC lifted its stake in shares of Bank of America by 37.7% in the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider’s stock valued at $2,163,000 after purchasing an additional 14,901 shares during the last quarter. Finally, Brookstone Capital Management lifted its stake in shares of Bank of America by 11.5% in the 2nd quarter. Brookstone Capital Management now owns 196,185 shares of the financial services provider’s stock valued at $8,628,000 after purchasing an additional 20,309 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock traded up $0.04 during trading hours on Tuesday, hitting $42.66. 2,617,466 shares of the stock traded hands, compared to its average volume of 38,401,723. 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 firm’s 50 day moving average price is $40.30 and its 200-day moving average price is $39.66. The stock has a market capitalization of $331.02 billion, a price-to-earnings ratio of 15.50, a P/E/G ratio of 1.42 and a beta of 1.33. Bank of America Co. has a 1 year low of $25.28 and a 1 year high of $44.44.

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 business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 EPS. As a group, equities analysts expect that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America declared that its board has approved a share repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued 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 2.44%. Bank of America’s payout ratio is 37.82%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 120,072,238 shares of company stock valued at $4,833,067,143. 0.29% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Cfra reaffirmed a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target for the company in a research note on Friday, October 18th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Tuesday, September 3rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

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.