Lyell Wealth Management LP Has $3.60 Million Stake in Bank of America Co. (NYSE:BAC)

Lyell Wealth Management LP lowered its stake in Bank of America Co. (NYSE:BAC) by 13.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 90,618 shares of the financial services provider’s stock after selling 14,606 shares during the period. Lyell Wealth Management LP’s holdings in Bank of America were worth $3,596,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. OneAscent Financial Services LLC raised its position in shares of Bank of America by 1.6% in the first quarter. OneAscent Financial Services LLC now owns 26,990 shares of the financial services provider’s stock valued at $1,030,000 after purchasing an additional 416 shares during the period. Baker Ellis Asset Management LLC grew its stake in Bank of America by 52.0% in the 1st quarter. Baker Ellis Asset Management LLC now owns 11,105 shares of the financial services provider’s stock valued at $421,000 after buying an additional 3,800 shares during the last quarter. Vicus Capital raised its holdings in Bank of America by 15.3% in the 1st quarter. Vicus Capital now owns 12,069 shares of the financial services provider’s stock worth $458,000 after acquiring an additional 1,603 shares during the period. New Mexico Educational Retirement Board raised its holdings in Bank of America by 14.6% in the 1st quarter. New Mexico Educational Retirement Board now owns 413,354 shares of the financial services provider’s stock worth $17,038,000 after acquiring an additional 52,600 shares during the period. Finally, Cornerstone Wealth Group LLC lifted its position in Bank of America by 54.1% during the 1st quarter. Cornerstone Wealth Group LLC now owns 339,198 shares of the financial services provider’s stock worth $12,862,000 after acquiring an additional 119,093 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on BAC. Barclays boosted their price objective on Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Morgan Stanley raised their price objective on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Tuesday, September 3rd. Finally, Piper Sandler Companies raised shares of 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 report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction that occurred on 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 completion of 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 125,336,839 shares of company stock worth $5,049,968,704 over the last ninety days. Corporate insiders own 0.29% of the company’s stock.

Bank of America Trading Down 1.8 %

BAC stock opened at $41.89 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $325.05 billion, a P/E ratio of 15.23, a P/E/G ratio of 1.43 and a beta of 1.33. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The business’s 50 day moving average is $40.24 and its 200-day moving average is $39.58.

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, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period in the prior year, the company posted $0.90 earnings per share. The business’s revenue for the quarter was up .4% compared to the same quarter last year. Equities analysts anticipate that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company 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 dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.48%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

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

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.