Parcion Private Wealth LLC Decreases Holdings in Bank of America Co. (NYSE:BAC)

Parcion Private Wealth LLC reduced its position in Bank of America Co. (NYSE:BAC) by 0.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 78,580 shares of the financial services provider’s stock after selling 350 shares during the period. Parcion Private Wealth LLC’s holdings in Bank of America were worth $3,118,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the 2nd quarter valued at about $27,000. Delos Wealth Advisors LLC grew its position in shares of 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 acquiring an additional 547 shares during the period. POM Investment Strategies LLC increased its stake in shares of Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC bought a new position in Bank of America in the 2nd quarter worth $30,000. Finally, Clearstead Trust LLC lifted 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. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of a number of analyst reports. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Barclays raised their target price on shares of Bank of America from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Cfra reiterated a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a research report on Friday, October 18th. Finally, Seaport Res Ptn upgraded 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 given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $42.69.

Bank of America Price Performance

Shares of BAC opened at $41.89 on Friday. 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 company has a 50 day moving average price of $40.24 and a 200-day moving average price of $39.58. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The stock has a market capitalization of $325.05 billion, a PE ratio of 15.23, a PEG ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. Bank of America’s revenue was up .4% on a year-over-year basis. Equities analysts predict that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.48%. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Bank of America declared that its board has initiated a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction 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 represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $41.20, for a total value of $216,901,561.20. Following the completion of the sale, the insider now directly owns 961,646,715 shares of the company’s stock, valued at $39,619,844,658. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 125,336,839 shares of company stock valued at $5,049,968,704. 0.29% of the stock is currently owned by insiders.

Bank of America Company Profile

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.