Hudson Valley Investment Advisors Inc. ADV Sells 1,108 Shares of Bank of America Co. (NYSE:BAC)

Hudson Valley Investment Advisors Inc. ADV lessened its holdings in Bank of America Co. (NYSE:BAC) by 1.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 96,628 shares of the financial services provider’s stock after selling 1,108 shares during the period. Hudson Valley Investment Advisors Inc. ADV’s holdings in Bank of America were worth $4,247,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Two Sigma Advisers LP raised its holdings in Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after purchasing an additional 10,175,100 shares during the period. 1832 Asset Management L.P. increased its position in Bank of America by 1,432.1% in the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock worth $244,627,000 after buying an additional 5,749,567 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in Bank of America by 193.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after buying an additional 5,015,378 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after buying an additional 4,423,215 shares during the period. Finally, D1 Capital Partners L.P. purchased a new position in shares of Bank of America during the 3rd quarter valued at about $174,858,000. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’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 transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.29% of the company’s stock.

Bank of America Stock Up 0.3 %

Shares of NYSE BAC opened at $46.21 on Friday. 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 Co. has a 12-month low of $31.27 and a 12-month high of $48.08. The firm’s 50-day moving average price is $45.46 and its 200-day moving average price is $42.15. The stock has a market capitalization of $354.56 billion, a price-to-earnings ratio of 16.80, a P/E/G ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.90 earnings per share. On average, equities research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.25%. The ex-dividend date was Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Analyst Ratings Changes

A number of equities research analysts have commented on BAC shares. Royal Bank of Canada restated an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Truist Financial initiated coverage on shares of Bank of America in a research note on Tuesday. They issued a “buy” rating and a $52.00 price objective for the company. Evercore ISI lifted their target price on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Piper Sandler increased their price target on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $43.00 to $53.00 in a report on Tuesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

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.