Hodges Capital Management Inc. Has $4.01 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Hodges Capital Management Inc. reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 7.7% during the 3rd quarter, Holdings Channel.com reports. The fund owned 101,111 shares of the financial services provider’s stock after selling 8,472 shares during the period. Hodges Capital Management Inc.’s holdings in Bank of America were worth $4,012,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Accent Capital Management LLC grew its stake in shares of Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock valued at $1,567,000 after purchasing an additional 11,873 shares during the period. Summit Global Investments boosted its stake in Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock valued at $2,035,000 after buying an additional 36,089 shares in the last quarter. Baker Avenue Asset Management LP grew its position in Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after acquiring an additional 33,983 shares during the period. Banco Santander S.A. raised its stake in Bank of America by 173.7% during the third quarter. Banco Santander S.A. now owns 583,412 shares of the financial services provider’s stock worth $23,150,000 after acquiring an additional 370,275 shares in the last quarter. Finally, Westfield Capital Management Co. LP lifted its holdings in shares of Bank of America by 647.7% during the third quarter. Westfield Capital Management Co. LP now owns 1,823,667 shares of the financial services provider’s stock valued at $72,363,000 after acquiring an additional 1,579,767 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of several analyst reports. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Piper Sandler raised their price objective on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Wells Fargo & Company boosted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Oppenheimer boosted their price objective on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $45.57.

Bank of America Price Performance

Bank of America stock opened at $46.75 on Friday. The firm has a market capitalization of $358.71 billion, a P/E ratio of 17.00, a PEG ratio of 1.57 and a beta of 1.33. The business has a 50-day moving average of $43.75 and a 200-day moving average of $41.27. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 1 year low of $30.45 and a 1 year high of $48.08.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.90 earnings per share. On average, equities analysts anticipate that Bank of America Co. will post 3.27 EPS for the current 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 $0.26 dividend. 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 2.22%. Bank of America’s payout ratio is 37.82%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $39.58, for a total value of $156,981,325.24. Following the completion of the transaction, the insider now owns 854,214,328 shares in the company, valued at $33,809,803,102.24. This represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 56,945,263 shares of company stock worth $2,300,620,438 over the last ninety days. 0.29% of the stock is currently owned by corporate insiders.

Bank of America 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.