Valmark Advisers Inc. Sells 1,797 Shares of Bank of America Co. (NYSE:BAC)

Valmark Advisers Inc. decreased its position in Bank of America Co. (NYSE:BAC) by 7.1% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 23,432 shares of the financial services provider’s stock after selling 1,797 shares during the period. Valmark Advisers Inc.’s holdings in Bank of America were worth $930,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the company. Fortitude Family Office LLC lifted its position in shares of Bank of America by 21.3% in the third quarter. Fortitude Family Office LLC now owns 23,684 shares of the financial services provider’s stock worth $940,000 after purchasing an additional 4,156 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in Bank of America by 129.9% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 25,290 shares of the financial services provider’s stock worth $1,004,000 after buying an additional 14,291 shares in the last quarter. Traynor Capital Management Inc. boosted its stake in shares of Bank of America by 16.2% during the 3rd quarter. Traynor Capital Management Inc. now owns 18,619 shares of the financial services provider’s stock worth $739,000 after buying an additional 2,594 shares during the last quarter. abrdn plc grew its holdings in shares of Bank of America by 2.1% in the 3rd quarter. abrdn plc now owns 6,306,184 shares of the financial services provider’s stock valued at $250,261,000 after acquiring an additional 128,255 shares in the last quarter. Finally, Cantor Fitzgerald Investment Advisors L.P. increased its position in shares of Bank of America by 0.3% in the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 100,835 shares of the financial services provider’s stock valued at $4,001,000 after acquiring an additional 330 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on BAC. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Jefferies Financial Group raised their target price on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Barclays boosted their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Cfra restated a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $42.69.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $42.34 on Thursday. Bank of America Co. has a 12-month low of $25.72 and a 12-month high of $44.44. The company’s 50 day moving average price is $40.44 and its two-hundred day moving average price is $39.73. The firm has a market cap of $328.54 billion, a PE ratio of 15.40, a PEG ratio of 1.42 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates 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 was up .4% on a year-over-year basis. During the same quarter last year, the company earned $0.90 EPS. Equities research analysts predict that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.46%. Bank of America’s dividend payout ratio is 37.82%.

Bank of America announced that its board has authorized a share repurchase plan 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 repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on Tuesday, October 15th. The shares were 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 in the company, valued at approximately $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,078,718 shares of company stock worth $4,548,920,425 over the last ninety days. Corporate insiders own 0.29% of the company’s stock.

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.