Bank of America Co. (NYSE:BAC) Shares Acquired by Summit Global Investments

09 Nov 2024, 11:44 by Kim Johansen · The Markets Daily

Summit Global Investments increased its stake in shares of Bank of America Co. (NYSE:BAC) by 237.6% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 51,278 shares of the financial services provider’s stock after acquiring an additional 36,089 shares during the period. Summit Global Investments’ holdings in Bank of America were worth $2,035,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Quent Capital LLC lifted its position in Bank of America by 3.6% during the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after acquiring an additional 1,037 shares in the last quarter. Tectonic Advisors LLC lifted its position in Bank of America by 2.7% during the 1st quarter. Tectonic Advisors LLC now owns 26,245 shares of the financial services provider’s stock worth $995,000 after acquiring an additional 679 shares in the last quarter. WealthPLAN Partners LLC lifted its position in Bank of America by 161.7% during the 1st quarter. WealthPLAN Partners LLC now owns 28,109 shares of the financial services provider’s stock worth $1,066,000 after acquiring an additional 17,370 shares in the last quarter. TCI Wealth Advisors Inc. lifted its position in Bank of America by 5.5% during the 1st quarter. TCI Wealth Advisors Inc. now owns 20,411 shares of the financial services provider’s stock worth $774,000 after acquiring an additional 1,065 shares in the last quarter. Finally, Atomi Financial Group Inc. increased its holdings in Bank of America by 19.6% during the 1st quarter. Atomi Financial Group Inc. now owns 106,703 shares of the financial services provider’s stock worth $4,046,000 after purchasing an additional 17,496 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Up 0.8 %

Shares of BAC stock opened at $45.15 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 firm has a market capitalization of $346.43 billion, a PE ratio of 16.42, a price-to-earnings-growth ratio of 1.54 and a beta of 1.32. The stock has a fifty day moving average of $40.90 and a two-hundred day moving average of $40.04. Bank of America Co. has a 1 year low of $27.34 and a 1 year high of $45.55.

Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates 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 revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 earnings per share. As a group, research analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America declared that its Board of Directors has authorized a stock repurchase program 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 repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 37.82%.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the sale, the insider now directly owns 937,246,053 shares of the company’s stock, valued at $36,843,142,343.43. The trade was 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 available at this link. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the completion of the transaction, the insider now directly owns 937,246,053 shares in the company, valued at approximately $36,843,142,343.43. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,067,817 shares of company stock valued at $4,548,518,070 over the last three months. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the topic of several analyst reports. Oppenheimer lifted their price objective on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday. Morgan Stanley lifted their price objective on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, September 3rd. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Finally, Evercore ISI lifted their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $43.69.

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