Outlook Wealth Advisors LLC Takes Position in Bank of America Co. (NYSE:BAC)

Outlook Wealth Advisors LLC bought a new stake in Bank of America Co. (NYSE:BAC) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 13,714 shares of the financial services provider’s stock, valued at approximately $544,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after purchasing an additional 36,124,363 shares in the last quarter. Legal & General Group Plc raised its stake in Bank of America by 1.6% in the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after purchasing an additional 895,884 shares in the last quarter. Capital World Investors raised its stake in Bank of America by 0.4% in the first quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock valued at $1,530,241,000 after purchasing an additional 165,070 shares in the last quarter. Pzena Investment Management LLC raised its stake in Bank of America by 4.7% in the first quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock valued at $813,983,000 after purchasing an additional 954,885 shares in the last quarter. Finally, Clearbridge Investments LLC raised its stake in Bank of America by 23.6% in the second quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock valued at $646,693,000 after purchasing an additional 3,109,197 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Performance

NYSE:BAC opened at $41.89 on Friday. The stock has a market cap of $325.05 billion, a P/E ratio of 15.23, a price-to-earnings-growth ratio of 1.43 and a beta of 1.33. The firm’s fifty day simple moving average is $40.24 and its 200 day simple moving average is $39.58. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

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

Bank of America Dividend Announcement

The firm 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 dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BAC. Cfra reaffirmed a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. BMO Capital Markets lifted 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. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research note on Friday, October 18th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price target on shares of Bank of America in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $41.20, for a total transaction of $216,901,561.20. Following the sale, the insider now owns 961,646,715 shares in the company, valued at approximately $39,619,844,658. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $41.20, for a total transaction of $216,901,561.20. Following the sale, the insider now owns 961,646,715 shares in the company, valued at approximately $39,619,844,658. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 125,336,839 shares of company stock worth $5,049,968,704. Corporate insiders own 0.29% of the company’s stock.

About Bank of America

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.