Sanders Capital LLC Has $886.50 Million Stock Position in Bank of America Co. (NYSE:BAC)

26 Nov 2024, 16:38 by Danessa Lincoln · The Markets Daily

Sanders Capital LLC increased its position in shares of Bank of America Co. (NYSE:BAC) by 2.8% during the third quarter, Holdings Channel reports. The fund owned 22,341,213 shares of the financial services provider’s stock after acquiring an additional 601,211 shares during the quarter. Bank of America makes up 1.3% of Sanders Capital LLC’s holdings, making the stock its 22nd largest holding. Sanders Capital LLC’s holdings in Bank of America were worth $886,499,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in the company. Fairway Wealth LLC acquired a new stake in Bank of America during the 2nd quarter worth about $27,000. POM Investment Strategies LLC increased its holdings in shares of Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the period. Kennebec Savings Bank purchased a new stake in shares of Bank of America in the third quarter worth approximately $29,000. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America during the second quarter worth approximately $30,000. Finally, Christopher J. Hasenberg Inc grew its position in Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $47.32 on Tuesday. Bank of America Co. has a 12 month low of $29.32 and a 12 month high of $47.74. The company has a market cap of $363.08 billion, a P/E ratio of 17.27, a P/E/G ratio of 1.59 and a beta of 1.32. The business’s 50 day moving average is $42.41 and its two-hundred day moving average is $40.76. 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 – Get Free Report) last issued its quarterly 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 firm had revenue of $25.30 billion during 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%. The business’s revenue was up .4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.90 EPS. On average, equities analysts expect that Bank of America Co. will post 3.27 EPS 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. Shareholders 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 dividend on an annualized basis and a dividend yield of 2.20%. Bank of America’s dividend payout ratio is currently 37.82%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Tuesday, September 3rd. Oppenheimer raised 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 report on Tuesday, November 5th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Barclays lifted 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, eight have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $44.26.

Get Our Latest Stock Report on Bank of America

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the transaction, the insider now owns 835,908,435 shares in the company, valued at $34,088,345,979.30. This trade represents a 1.35 % 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. Over the last ninety days, insiders have sold 85,027,690 shares of company stock worth $3,435,115,636. Company insiders own 0.29% of the company’s stock.

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.