Kolinsky Wealth Management LLC Increases Holdings in Bank of America Co. (NYSE:BAC)

Kolinsky Wealth Management LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 6.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,778 shares of the financial services provider’s stock after buying an additional 493 shares during the period. Kolinsky Wealth Management LLC’s holdings in Bank of America were worth $348,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Bank of America by 193.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after buying an additional 5,015,378 shares in the last quarter. Fred Alger Management LLC raised its holdings in shares of Bank of America by 1.8% during the 3rd quarter. Fred Alger Management LLC now owns 190,337 shares of the financial services provider’s stock valued at $7,553,000 after buying an additional 3,335 shares in the last quarter. Atlantic Union Bankshares Corp grew its position in Bank of America by 7.6% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 294,646 shares of the financial services provider’s stock worth $11,692,000 after acquiring an additional 20,931 shares during the last quarter. D1 Capital Partners L.P. bought a new position in Bank of America during the 3rd quarter worth approximately $174,858,000. Finally, Martingale Asset Management L P grew its position in Bank of America by 1,465.8% during the 3rd quarter. Martingale Asset Management L P now owns 149,412 shares of the financial services provider’s stock worth $5,929,000 after acquiring an additional 139,870 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BAC has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Tuesday, September 3rd. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a research report on Friday, October 18th. Finally, Wells Fargo & Company raised their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

Bank of America Trading Down 0.5 %

BAC opened at $47.52 on Friday. The stock has a market cap of $364.62 billion, a PE ratio of 17.28, a PEG ratio of 1.62 and a beta of 1.32. 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 business has a 50 day moving average of $43.02 and a 200-day moving average of $40.98. Bank of America Co. has a 52 week low of $30.04 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last announced 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 during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.90 earnings per share. Equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s payout ratio is 37.82%.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $40.28, for a total transaction of $202,649,243.92. Following the transaction, the insider now directly owns 863,977,599 shares of the company’s stock, valued at $34,801,017,687.72. This represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 70,007,916 shares of company stock worth $2,829,836,123. 0.29% of the stock is owned by insiders.

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.