FARMERS & MERCHANTS TRUST Co OF LONG BEACH Sells 1,600 Shares of Bank of America Co. (NYSE:BAC)

12 Oct 2024, 22:20 by Danessa Lincoln · The Markets Daily

FARMERS & MERCHANTS TRUST Co OF LONG BEACH reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 8.8% in the third quarter, Holdings Channel reports. The fund owned 16,548 shares of the financial services provider’s stock after selling 1,600 shares during the quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Bank of America were worth $657,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Delos Wealth Advisors LLC increased its position in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the last quarter. Fairway Wealth LLC purchased a new stake in Bank of America in the 2nd quarter worth about $27,000. Livelsberger Financial Advisory bought a new stake in Bank of America in the 4th quarter valued at about $28,000. POM Investment Strategies LLC lifted its holdings in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the last quarter. Finally, Bbjs Financial Advisors LLC bought a new position in Bank of America during the second quarter worth about $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other 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 value of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, 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 hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 160,921,082 shares of company stock worth $6,582,343,525 in the last 90 days. 0.29% of the stock is owned by company insiders.

Bank of America Trading Up 5.0 %

NYSE BAC opened at $41.95 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock’s 50-day simple moving average is $39.41 and its two-hundred day simple moving average is $39.25. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The company has a market capitalization of $325.51 billion, a price-to-earnings ratio of 14.77, a PEG ratio of 1.39 and a beta of 1.33.

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

Bank of America declared that its board has approved a share repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

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

Analyst Upgrades and Downgrades

BAC has been the topic of several research reports. Jefferies Financial Group boosted their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Keefe, Bruyette & Woods restated an “outperform” rating and set a $48.00 target price (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Barclays increased their price objective on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Oppenheimer lifted their target price on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $42.27.

View Our Latest Analysis on Bank of America

About Bank of America

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