Tsfg LLC Has $287,000 Position in Bank of America Co. (NYSE:BAC)

by · The Cerbat Gem

Tsfg LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 5.0% during the 3rd quarter, Holdings Channel reports. The fund owned 7,223 shares of the financial services provider’s stock after acquiring an additional 346 shares during the period. Tsfg LLC’s holdings in Bank of America were worth $287,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at about $27,000. Delos Wealth Advisors LLC boosted its holdings 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 acquiring an additional 547 shares in the last quarter. POM Investment Strategies LLC grew its stake in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the period. Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America during the second quarter valued at approximately $30,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the first quarter worth approximately $33,000. 70.71% of the stock is owned by institutional investors.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $42.41, for a total value of $269,261,980.61. Following the sale, the insider now directly owns 992,612,058 shares in the company, valued at $42,096,677,379.78. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $42.41, for a total transaction of $269,261,980.61. Following the completion of the transaction, the insider now owns 992,612,058 shares in the company, valued at $42,096,677,379.78. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 148,230,389 shares of company stock worth $6,023,064,684. 0.29% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on BAC shares. Morgan Stanley boosted their price target on shares of Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday. Oppenheimer upped their target price on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday. Barclays lifted their price target on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $48.00 price objective (up from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Finally, Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $42.37.

Read Our Latest Stock Report on BAC

Bank of America Stock Performance

Shares of BAC stock opened at $42.14 on Wednesday. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The stock has a market capitalization of $329.55 billion, a P/E ratio of 14.58, a PEG ratio of 1.39 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm’s 50 day moving average is $39.62 and its 200 day moving average is $39.33.

Bank of America (NYSE:BAC – Get Free Report) last released 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. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the previous year, the company posted $0.90 EPS. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America declared that its board has initiated a share repurchase plan 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 buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.47%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6th. Bank of America’s dividend payout ratio is presently 35.99%.

About Bank of America

(Free Report)

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.

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