Bank of America Co. (NYSE:BAC) Shares Bought by Sapient Capital LLC

14 Oct 2024, 15:29 by Teresa Graham · The Cerbat Gem

Sapient Capital LLC lifted its position in shares of Bank of America Co. (NYSE:BAC – Free Report) by 1.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,609,942 shares of the financial services provider’s stock after buying an additional 26,276 shares during the quarter. Bank of America makes up about 1.3% of Sapient Capital LLC’s holdings, making the stock its 15th largest position. Sapient Capital LLC’s holdings in Bank of America were worth $63,883,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after purchasing an additional 36,124,363 shares during the last quarter. Legal & General Group Plc increased its position in Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after buying an additional 895,884 shares in the last quarter. Capital World Investors raised its holdings in shares of Bank of America by 0.4% in the first quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after acquiring an additional 165,070 shares during the last quarter. Pzena Investment Management LLC lifted its position in shares of Bank of America by 4.7% in the first quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock valued at $813,983,000 after acquiring an additional 954,885 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its stake in shares of Bank of America by 23.6% during the second quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock valued at $646,693,000 after acquiring an additional 3,109,197 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the sale, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 160,921,082 shares of company stock worth $6,582,343,525 in the last 90 days. 0.29% of the stock is owned by corporate insiders.

Bank of America Stock Down 0.0 %

NYSE BAC opened at $41.94 on Monday. The stock has a market cap of $327.99 billion, a PE ratio of 14.52, a P/E/G ratio of 1.39 and a beta of 1.33. The business has a 50 day moving average price of $39.41 and a two-hundred day moving average price of $39.27. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week 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 – Get Free Report) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.88 EPS. As a group, sell-side analysts predict that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a share buyback plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in 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 management believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.48%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is currently 35.99%.

Analysts Set New Price Targets

A number of research analysts have issued reports on BAC shares. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft upgraded 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. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. StockNews.com lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $48.00 target price (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.27.

Check Out Our Latest Report on Bank of America

Bank of America Company Profile

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