Pittenger & Anderson Inc. Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

Pittenger & Anderson Inc. lessened its holdings in Bank of America Co. (NYSE:BAC) by 7.6% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 5,600 shares of the financial services provider’s stock after selling 460 shares during the period. Pittenger & Anderson Inc.’s holdings in Bank of America were worth $222,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of BAC. Delos Wealth Advisors LLC raised its stake in 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 purchasing an additional 547 shares during the period. Fairway Wealth LLC purchased a new position in shares of Bank of America in the second quarter worth $27,000. POM Investment Strategies LLC boosted its position in shares of 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 worth $29,000 after acquiring an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC purchased a new position in Bank of America during the second quarter valued at $30,000. Finally, Clearstead Trust LLC increased its holdings in Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 834 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on BAC. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Oppenheimer lifted their price objective on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday. Keefe, Bruyette & Woods increased their target price on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Evercore ISI increased their price objective on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $42.97.

Bank of America Price Performance

Bank of America stock opened at $41.89 on Wednesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $321.42 billion, a price-to-earnings ratio of 15.23, a price-to-earnings-growth ratio of 1.42 and a beta of 1.32. The firm has a 50-day moving average of $40.61 and a two-hundred day moving average of $39.92. Bank of America Co. has a 1 year low of $27.34 and a 1 year high of $44.44.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates 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%. Bank of America’s revenue was up .4% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 EPS. On average, research analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.48%. Bank of America’s dividend payout ratio is currently 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 Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the sale, the insider now owns 928,460,939 shares in the company, valued at $36,813,476,231.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on 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 completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $39.65, for a total value of $199,638,463.70. Following the transaction, the insider now directly owns 928,460,939 shares in the company, valued at $36,813,476,231.35. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,067,817 shares of company stock valued at $4,548,518,070. Company insiders own 0.29% of the company’s stock.

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.