Burke & Herbert Bank & Trust Co. Increases Stock Position in Bank of America Co. (NYSE:BAC)

25 Oct 2024, 20:02 by Danessa Lincoln · The Markets Daily

Burke & Herbert Bank & Trust Co. boosted its position in shares of Bank of America Co. (NYSE:BAC) by 0.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,466 shares of the financial services provider’s stock after purchasing an additional 368 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in Bank of America were worth $1,844,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. McAdam LLC lifted its holdings in Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after buying an additional 238 shares during the period. Integrity Financial Corp WA raised its position in shares of Bank of America by 1.6% during the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after acquiring an additional 240 shares during the last quarter. BTC Capital Management Inc. lifted its stake in shares of Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 248 shares during the period. Central Bank & Trust Co. grew its stake in shares of Bank of America by 15.1% during the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 248 shares during the period. Finally, SNS Financial Group LLC increased its holdings in Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 248 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of analyst reports. Jefferies Financial Group boosted their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Keefe, Bruyette & Woods raised their price target on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.69.

Get Our Latest Analysis on Bank of America

Bank of America Stock Down 0.2 %

NYSE BAC traded down $0.08 during trading hours on Friday, hitting $42.57. 2,140,336 shares of the company traded hands, compared to its average volume of 38,519,270. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The business’s 50-day moving average is $40.11 and its 200-day moving average is $39.53. The stock has a market capitalization of $330.33 billion, a price-to-earnings ratio of 15.51, a P/E/G ratio of 1.43 and a beta of 1.33. Bank of America Co. has a twelve month low of $24.96 and a twelve month 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 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the prior year, the firm posted $0.90 EPS. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.44%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

Bank of America declared that its board has approved a share repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $40.63, for a total value of $284,146,717.60. Following the transaction, the insider now owns 948,077,805 shares in the company, valued at approximately $38,520,401,217.15. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 6,993,520 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $40.63, for a total value of $284,146,717.60. Following the completion of the sale, the insider now owns 948,077,805 shares of the company’s stock, valued at approximately $38,520,401,217.15. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,336,839 shares of company stock valued at $5,049,968,704 over the last ninety days. 0.29% of the stock is currently owned by company insiders.

About Bank of America

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