Patriot Financial Group Insurance Agency LLC Has $2.18 Million Position in Bank of America Co. (NYSE:BAC)

28 Oct 2024, 14:56 by Renee Jackson · The Cerbat Gem

Patriot Financial Group Insurance Agency LLC decreased its stake in Bank of America Co. (NYSE:BAC – Free Report) by 2.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,983 shares of the financial services provider’s stock after selling 1,303 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Bank of America were worth $2,182,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Trilogy Capital Inc. bought a new stake in shares of Bank of America during the first quarter valued at approximately $214,000. Aviance Capital Partners LLC increased its stake in Bank of America by 55.0% during the 1st quarter. Aviance Capital Partners LLC now owns 22,770 shares of the financial services provider’s stock valued at $863,000 after purchasing an additional 8,076 shares in the last quarter. BKM Wealth Management LLC raised its holdings in Bank of America by 30.1% during the first quarter. BKM Wealth Management LLC now owns 5,243 shares of the financial services provider’s stock worth $199,000 after buying an additional 1,213 shares during the last quarter. Miracle Mile Advisors LLC lifted its stake in shares of Bank of America by 2.1% in the first quarter. Miracle Mile Advisors LLC now owns 19,229 shares of the financial services provider’s stock valued at $729,000 after buying an additional 388 shares in the last quarter. Finally, Leonard Rickey Investment Advisors P.L.L.C. acquired a new position in shares of Bank of America during the first quarter valued at about $226,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of analyst reports. Oppenheimer upped their target price 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. Evercore ISI upped their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. BMO Capital Markets upped their target price on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Get Our Latest Report on BAC

Bank of America Trading Up 1.3 %

Shares of NYSE:BAC traded up $0.55 on Monday, reaching $42.44. 7,113,338 shares of the company traded hands, compared to its average volume of 38,490,039. The stock has a market capitalization of $331.90 billion, a P/E ratio of 14.65, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33. The business’s 50-day simple moving average is $40.24 and its 200 day simple moving average is $39.62. 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 52 week low of $25.28 and a 52 week high of $44.44.

Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 earnings per share. As a group, equities analysts anticipate that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 35.99%.

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

Insider Activity at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Bernard A. Mensah sold 92,000 shares of the 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 completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. 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 120,072,238 shares of company stock worth $4,833,067,143 over the last quarter. Corporate insiders own 0.29% of the company’s stock.

Bank of America Company Profile

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