Lowe Brockenbrough & Co. Inc. Acquires 874 Shares of Bank of America Co. (NYSE:BAC)

Lowe Brockenbrough & Co. Inc. increased its stake in Bank of America Co. (NYSE:BAC) by 3.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,816 shares of the financial services provider’s stock after acquiring an additional 874 shares during the quarter. Lowe Brockenbrough & Co. Inc.’s holdings in Bank of America were worth $1,024,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Gladstone Institutional Advisory LLC increased its holdings in shares of Bank of America by 68.4% during the third quarter. Gladstone Institutional Advisory LLC now owns 81,775 shares of the financial services provider’s stock valued at $3,245,000 after acquiring an additional 33,205 shares in the last quarter. W Advisors LLC grew its position in Bank of America by 4.3% in the 3rd quarter. W Advisors LLC now owns 6,766 shares of the financial services provider’s stock valued at $268,000 after purchasing an additional 279 shares during the period. Creative Financial Designs Inc. ADV increased its stake in Bank of America by 7.6% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 164,361 shares of the financial services provider’s stock valued at $6,522,000 after purchasing an additional 11,612 shares in the last quarter. Lincluden Management Ltd. raised its holdings in Bank of America by 0.9% during the third quarter. Lincluden Management Ltd. now owns 154,707 shares of the financial services provider’s stock worth $6,139,000 after buying an additional 1,363 shares during the last quarter. Finally, Reston Wealth Management LLC bought a new position in shares of Bank of America in the third quarter valued at $99,000. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Down 0.1 %

NYSE BAC opened at $41.76 on Friday. The firm has a market capitalization of $320.42 billion, a PE ratio of 15.19, a P/E/G ratio of 1.42 and a beta of 1.32. The stock’s 50 day moving average is $40.54 and its 200 day moving average is $39.82. Bank of America Co. has a twelve month low of $26.59 and a twelve month high of $44.44. 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 announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates 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 quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.90 EPS. Research analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

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

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BAC. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods upped their price target on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Barclays increased their price target on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. BMO Capital Markets upped their target price on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the completion of the transaction, the insider now owns 937,246,053 shares of the company’s stock, valued at $36,843,142,343.43. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The trade was 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 through this link. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $39.31, for a total value of $203,776,317.99. Following the sale, the insider now directly owns 937,246,053 shares in the company, valued at $36,843,142,343.43. 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 a total of 113,078,718 shares of company stock valued at $4,548,920,425 in the last ninety days. 0.29% of the stock is currently owned by corporate insiders.

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.