Bank of America Co. (NYSE:BAC) Shares Bought by Adell Harriman & Carpenter Inc.

Adell Harriman & Carpenter Inc. grew its stake in Bank of America Co. (NYSE:BAC) by 5.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,955 shares of the financial services provider’s stock after buying an additional 2,500 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in Bank of America were worth $1,784,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Delos Wealth Advisors LLC grew its holdings in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the last quarter. Fairway Wealth LLC purchased a new position in Bank of America during the 2nd quarter worth approximately $27,000. POM Investment Strategies LLC increased its position in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the period. Bbjs Financial Advisors LLC purchased a new stake in Bank of America in the second quarter valued at approximately $30,000. Finally, Clearstead Trust LLC boosted its holdings in shares of Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 834 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Bank of America stock opened at $42.53 on Wednesday. Bank of America Co. has a fifty-two week low of $25.28 and a fifty-two week high of $44.44. The company has a market capitalization of $330.01 billion, a price-to-earnings ratio of 15.47, a PEG ratio of 1.42 and a beta of 1.33. The stock has a fifty day moving average of $40.37 and a two-hundred day moving average of $39.71. 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 (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 during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 EPS. On average, analysts anticipate that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America declared that its board has authorized a stock repurchase 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 repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Announces Dividend

The company also recently announced 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 of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.45%. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

Insiders Place Their Bets

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 transaction of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This trade 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 through this link. In related 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 value of $369,952,591.90. Following the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 113,078,718 shares of company stock valued at $4,548,920,425. Company insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BAC. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a research report on Wednesday, October 9th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Oppenheimer upped their price target on Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.69.

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.