Masso Torrence Wealth Management Inc. Decreases Stake in Bank of America Co. (NYSE:BAC)

26 Oct 2024, 18:37 by Tristan Rich · The Markets Daily

Masso Torrence Wealth Management Inc. cut its stake in shares of Bank of America Co. (NYSE:BAC) by 33.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,419 shares of the financial services provider’s stock after selling 3,249 shares during the quarter. Masso Torrence Wealth Management Inc.’s holdings in Bank of America were worth $255,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. OneAscent Financial Services LLC lifted its holdings in Bank of America by 1.6% during the first quarter. OneAscent Financial Services LLC now owns 26,990 shares of the financial services provider’s stock valued at $1,030,000 after purchasing an additional 416 shares in the last quarter. Baker Ellis Asset Management LLC lifted its holdings in Bank of America by 52.0% in the first quarter. Baker Ellis Asset Management LLC now owns 11,105 shares of the financial services provider’s stock valued at $421,000 after acquiring an additional 3,800 shares during the last quarter. Vicus Capital increased its position in shares of Bank of America by 15.3% during the 1st quarter. Vicus Capital now owns 12,069 shares of the financial services provider’s stock worth $458,000 after purchasing an additional 1,603 shares during the last quarter. New Mexico Educational Retirement Board raised its holdings in Bank of America by 14.6% in the 1st quarter. New Mexico Educational Retirement Board now owns 413,354 shares of the financial services provider’s stock valued at $17,038,000 after buying an additional 52,600 shares during the period. Finally, Cornerstone Wealth Group LLC boosted its stake in Bank of America by 54.1% during the first quarter. Cornerstone Wealth Group LLC now owns 339,198 shares of the financial services provider’s stock worth $12,862,000 after buying an additional 119,093 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s 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 transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $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 125,336,839 shares of company stock worth $5,049,968,704 over the last 90 days. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BAC. Barclays boosted their price target on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research note on Wednesday, October 9th. Evercore ISI increased their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. BMO Capital Markets increased 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 report on Thursday, July 18th. Finally, Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. One investment 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 stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Check Out Our Latest Research Report on BAC

Bank of America Stock Performance

Shares of NYSE BAC traded down $0.76 during midday trading on Friday, reaching $41.89. 27,466,909 shares of the company were exchanged, compared to its average volume of 38,639,859. The stock has a market cap of $325.05 billion, a P/E ratio of 15.23, a PEG ratio of 1.43 and a beta of 1.33. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The stock has a fifty day simple moving average of $40.24 and a 200 day simple moving average of $39.58. 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 (NYSE:BAC – Get Free Report) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping 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 business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. The company’s quarterly revenue was up .4% compared to the same quarter last year. On average, research analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

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

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.48%. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America Profile

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