Coldstream Capital Management Inc. Raises Position in Bank of America Co. (NYSE:BAC)

Coldstream Capital Management Inc. boosted its stake in Bank of America Co. (NYSE:BAC) by 10.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 113,286 shares of the financial services provider’s stock after buying an additional 11,075 shares during the quarter. Coldstream Capital Management Inc.’s holdings in Bank of America were worth $4,563,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Longfellow Investment Management Co. LLC grew its holdings in Bank of America by 0.6% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 227 shares in the last quarter. Beacon Investment Advisory Services Inc. grew its holdings in Bank of America by 1.1% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock valued at $828,000 after purchasing an additional 231 shares in the last quarter. McAdam LLC grew its holdings in Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 238 shares in the last quarter. Integrity Financial Corp WA grew its holdings in Bank of America by 1.6% during the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after purchasing an additional 240 shares in the last quarter. Finally, BTC Capital Management Inc. grew its holdings in Bank of America by 1.2% during the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after purchasing an additional 248 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAC has been the topic of a number of research analyst reports. Oppenheimer increased their price objective on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Wells Fargo & Company increased their price objective on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Piper Sandler increased their price objective on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Barclays increased their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.92.

Bank of America Trading Down 0.3 %

Shares of NYSE:BAC opened at $45.77 on Wednesday. The company has a market cap of $351.19 billion, a PE ratio of 16.64, a P/E/G ratio of 1.58 and a beta of 1.33. The company’s 50-day moving average price is $43.87 and its 200 day moving average price is $41.33. Bank of America Co. has a fifty-two week low of $30.45 and a fifty-two week high of $48.08. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued 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 firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the firm posted $0.90 EPS. Sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.27%. Bank of America’s dividend payout ratio is presently 37.82%.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,722,523 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $39.40, for a total transaction of $67,867,406.20. Following the transaction, the insider now owns 794,120,913 shares of the company’s stock, valued at approximately $31,288,363,972.20. This trade represents a 0.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 55,223,897 shares of company stock worth $2,232,505,985 in the last ninety days. 0.29% of the stock is owned by insiders.

Bank of America Profile

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.