Bank of America Co. (NYSE:BAC) Shares Bought by QRG Capital Management Inc.

by · The Markets Daily

QRG Capital Management Inc. lifted its holdings in Bank of America Co. (NYSE:BAC) by 3.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 896,803 shares of the financial services provider’s stock after buying an additional 31,807 shares during the quarter. QRG Capital Management Inc.’s holdings in Bank of America were worth $35,585,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Fairway Wealth LLC acquired a new stake in Bank of America in the 2nd quarter worth about $27,000. Delos Wealth Advisors LLC boosted its stake in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the period. POM Investment Strategies LLC lifted its holdings in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares during the period. Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America in the second quarter worth approximately $30,000. Finally, Clearstead Trust LLC grew its position in Bank of America by 1,489.3% during the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 834 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s 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 in the company, valued at $3,824,063.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 113,067,817 shares of company stock valued at $4,548,518,070. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on BAC shares. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Evercore ISI increased their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. BMO Capital Markets raised their price target 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, Morgan Stanley raised their target price on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. One 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 given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.69.

Read Our Latest Stock Report on BAC

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.08 during trading on Monday, reaching $41.68. The stock had a trading volume of 3,082,854 shares, compared to its average volume of 38,245,059. Bank of America Co. has a 1-year low of $27.34 and a 1-year high of $44.44. The stock has a market cap of $319.81 billion, a PE ratio of 15.19, a PEG ratio of 1.42 and a beta of 1.32. 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 has a fifty day moving average price of $40.54 and a 200-day moving average price of $39.85.

Bank of America (NYSE:BAC – Get Free Report) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $25.25 billion. During the same quarter in the previous year, the business earned $0.90 earnings per share. The company’s revenue for the quarter was up .4% on a year-over-year basis. On average, equities analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock 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 reacquire up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.50%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

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.

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