Fortitude Family Office LLC Buys 4,156 Shares of Bank of America Co. (NYSE:BAC)

Fortitude Family Office LLC increased its stake in Bank of America Co. (NYSE:BAC) by 21.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,684 shares of the financial services provider’s stock after buying an additional 4,156 shares during the period. Fortitude Family Office LLC’s holdings in Bank of America were worth $940,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Miracle Mile Advisors LLC lifted its position in Bank of America by 2.1% during the first quarter. Miracle Mile Advisors LLC now owns 19,229 shares of the financial services provider’s stock valued at $729,000 after buying an additional 388 shares during the period. Kiley Juergens Wealth Management LLC increased its stake in shares of Bank of America by 24.7% in the 1st quarter. Kiley Juergens Wealth Management LLC now owns 40,204 shares of the financial services provider’s stock worth $1,525,000 after acquiring an additional 7,953 shares in the last quarter. Sivia Capital Partners LLC increased its stake in shares of Bank of America by 8.5% in the 1st quarter. Sivia Capital Partners LLC now owns 16,617 shares of the financial services provider’s stock worth $630,000 after acquiring an additional 1,295 shares in the last quarter. Tradewinds Capital Management LLC boosted its stake in Bank of America by 271.7% during the first quarter. Tradewinds Capital Management LLC now owns 9,602 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 7,019 shares in the last quarter. Finally, BluePath Capital Management LLC boosted its stake in Bank of America by 18.0% during the first quarter. BluePath Capital Management LLC now owns 13,260 shares of the financial services provider’s stock worth $503,000 after acquiring an additional 2,025 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on BAC shares. Cfra reaffirmed a “sell” rating and set a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Morgan Stanley increased their target price on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Finally, 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 report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $40.63, for a total transaction of $284,146,717.60. Following the completion of the transaction, the insider now directly owns 948,077,805 shares of the company’s stock, valued at approximately $38,520,401,217.15. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $40.63, for a total value of $284,146,717.60. Following the transaction, the insider now directly owns 948,077,805 shares in the company, valued at approximately $38,520,401,217.15. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 120,072,238 shares of company stock valued at $4,833,067,143. 0.29% of the stock is currently owned by insiders.

Bank of America Stock Up 1.8 %

Shares of BAC opened at $42.63 on Tuesday. The business’s 50 day moving average is $40.30 and its 200 day moving average is $39.66. 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 12-month low of $25.28 and a 12-month high of $44.44. The company has a market capitalization of $330.79 billion, a PE ratio of 15.50, a price-to-earnings-growth ratio of 1.42 and a beta of 1.33.

Bank of America (NYSE:BAC) last released 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 analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 earnings per share. Research analysts expect that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.44%. Bank of America’s payout ratio is 37.82%.

Bank of America declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are 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.