Capital Insight Partners LLC Has $4.88 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

10 Oct 2024, 14:31 by Renee Jackson · The Cerbat Gem

Capital Insight Partners LLC lowered its holdings in Bank of America Co. (NYSE:BAC) by 0.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 122,900 shares of the financial services provider’s stock after selling 884 shares during the quarter. Capital Insight Partners LLC’s holdings in Bank of America were worth $4,877,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in BAC. Hancock Whitney Corp lifted its position in shares of Bank of America by 0.3% in the 4th quarter. Hancock Whitney Corp now owns 132,995 shares of the financial services provider’s stock worth $4,478,000 after acquiring an additional 386 shares during the period. Northwest Wealth Management LLC bought a new position in Bank of America in the fourth quarter worth $213,000. Vivaldi Capital Management LP boosted its stake in Bank of America by 24.8% during the fourth quarter. Vivaldi Capital Management LP now owns 9,985 shares of the financial services provider’s stock worth $327,000 after buying an additional 1,984 shares in the last quarter. Pitcairn Co. increased its holdings in Bank of America by 24.9% in the 4th quarter. Pitcairn Co. now owns 116,003 shares of the financial services provider’s stock valued at $3,906,000 after buying an additional 23,158 shares during the period. Finally, Mango Investments LLC bought a new stake in Bank of America in the 4th quarter valued at $1,684,000. 70.71% of the stock is owned by institutional investors.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $40.05, for a total value of $163,250,568.45. Following the sale, the insider now directly owns 784,549,933 shares in the company, valued at $31,421,224,816.65. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, major shareholder Berkshire Hathaway Inc sold 4,076,169 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $40.05, for a total transaction of $163,250,568.45. Following the sale, the insider now owns 784,549,933 shares of the company’s stock, valued at approximately $31,421,224,816.65. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s 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 of the company’s stock, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 156,918,857 shares of company stock worth $6,421,694,213 in the last three months. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Evercore ISI lifted their target price on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Morgan Stanley decreased their price objective on Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Cfra reissued a “sell” rating and issued a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, eight have issued 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 a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

Check Out Our Latest Stock Analysis on Bank of America

Bank of America Trading Down 0.7 %

Bank of America stock traded down $0.29 during mid-day trading on Thursday, hitting $39.90. The stock had a trading volume of 13,330,077 shares, compared to its average volume of 38,739,051. The stock has a market capitalization of $312.03 billion, a PE ratio of 13.78, a P/E/G ratio of 1.37 and a beta of 1.33. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. 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 stock has a 50-day simple moving average of $39.31 and a two-hundred day simple moving average of $39.21.

Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the previous year, the company earned $0.88 EPS. Bank of America’s revenue was up .7% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America declared that its board has initiated a share buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid 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 dividend yield of 2.61%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is 35.99%.

Bank of America Company Profile

(Free Report)

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.