Arthur M. Cohen & Associates LLC Has $372,000 Position in Bank of America Co. (NYSE:BAC)

Arthur M. Cohen & Associates LLC trimmed its holdings in Bank of America Co. (NYSE:BAC) by 11.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,363 shares of the financial services provider’s stock after selling 1,193 shares during the quarter. Arthur M. Cohen & Associates LLC’s holdings in Bank of America were worth $372,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Bank of America by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after acquiring an additional 36,124,363 shares in the last quarter. AMF Tjanstepension AB increased its stake in Bank of America by 959.6% in the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after purchasing an additional 8,447,091 shares in the last quarter. Swedbank AB acquired a new position in shares of Bank of America during the first quarter valued at about $261,923,000. 1832 Asset Management L.P. increased its stake in Bank of America by 1,432.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after purchasing an additional 5,749,567 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Bank of America by 290.7% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,114,000 shares of the financial services provider’s stock worth $269,763,000 after buying an additional 5,293,000 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction dated 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 directly owns 766,305,462 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at this link. In other news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated 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 transaction, the insider now directly 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 ninety days, insiders sold 113,067,817 shares of company stock valued at $4,548,518,070. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on BAC shares. Deutsche Bank Aktiengesellschaft raised shares of 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. Morgan Stanley upped their price target on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Piper Sandler Companies 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. Oppenheimer lifted their price objective on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Cfra reiterated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. 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 Stock Performance

Shares of BAC stock opened at $41.63 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a fifty-two week low of $27.34 and a fifty-two week high of $44.44. The company has a market capitalization of $319.42 billion, a P/E ratio of 15.03, a PEG ratio of 1.42 and a beta of 1.32. The stock has a 50 day moving average price of $40.56 and a two-hundred day moving average price of $39.89.

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 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 firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the previous year, the company earned $0.90 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. Analysts expect that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America declared that its board 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 purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

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.