Wynn Capital LLC Boosts Stock Position in Bank of America Co. (NYSE:BAC)

by · The Markets Daily

Wynn Capital LLC grew its stake in shares of Bank of America Co. (NYSE:BAC) by 3.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 43,085 shares of the financial services provider’s stock after buying an additional 1,570 shares during the period. Bank of America comprises 1.1% of Wynn Capital LLC’s portfolio, making the stock its 26th biggest holding. Wynn Capital LLC’s holdings in Bank of America were worth $1,710,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in BAC. Delos Wealth Advisors LLC lifted its position in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares in the last quarter. Fairway Wealth LLC bought a new position in shares of Bank of America in the second quarter worth $27,000. Livelsberger Financial Advisory bought a new position in shares of Bank of America in the fourth quarter worth $28,000. POM Investment Strategies LLC increased 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 worth $29,000 after purchasing an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the second quarter worth $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total transaction of $90,533,647.05. Following the transaction, the insider now directly owns 812,041,811 shares of the company’s stock, valued at $31,888,881,917.97. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 160,921,082 shares of company stock worth $6,582,343,525 over the last three months. Company insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Bank of America stock opened at $41.95 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. The firm has a 50-day moving average of $39.41 and a 200-day moving average of $39.25. The firm has a market cap of $325.51 billion, a P/E ratio of 14.77, a P/E/G ratio of 1.39 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.

Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. During the same period last year, the business posted $0.88 earnings per share. Bank of America’s quarterly revenue was up .7% compared to the same quarter last year. Sell-side analysts expect that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America declared that its board has authorized a share repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding 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 typically an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were issued a $0.26 dividend. The ex-dividend date was Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.48%. Bank of America’s dividend payout ratio (DPR) is 36.62%.

Analysts Set New Price Targets

BAC has been the topic of several research analyst reports. Piper Sandler raised shares of 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 report on Tuesday, July 9th. BMO Capital Markets upped 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 report on Thursday, July 18th. Evercore ISI increased their target price on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Morgan Stanley reduced their target price on Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.27.

Read Our Latest Stock Report on BAC

Bank of America 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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