Bank of America Co. (NYSE:BAC) Stock Position Decreased by QV Investors Inc.

16 Oct 2024, 21:55 by Sarita Garza · The Markets Daily

QV Investors Inc. cut its stake in shares of Bank of America Co. (NYSE:BAC) by 32.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 193,265 shares of the financial services provider’s stock after selling 90,760 shares during the period. QV Investors Inc.’s holdings in Bank of America were worth $7,669,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after buying an additional 36,124,363 shares in the last quarter. Legal & General Group Plc boosted its stake in Bank of America by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after purchasing an additional 895,884 shares during the period. Capital World Investors grew its position in Bank of America by 0.4% during the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after purchasing an additional 165,070 shares in the last quarter. Pzena Investment Management LLC raised its stake in Bank of America by 4.7% during the 1st quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock valued at $813,983,000 after purchasing an additional 954,885 shares during the period. Finally, Clearbridge Investments LLC lifted its holdings in shares of Bank of America by 23.6% in the second quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock valued at $646,693,000 after purchasing an additional 3,109,197 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.5 %

BAC opened at $42.14 on Wednesday. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The business has a 50 day moving average price of $39.62 and a 200 day moving average price of $39.33. The firm has a market cap of $329.55 billion, a P/E ratio of 14.58, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.81. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period in the previous year, the company earned $0.90 earnings per share. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. Research analysts forecast that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America Increases Dividend

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

Bank of America announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts have recently weighed in on BAC shares. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Morgan Stanley dropped their price objective on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. Finally, Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock 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 assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.27.

View Our Latest Report on Bank of America

Insider Buying and Selling

In other Bank of America news, 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 value of $269,261,980.61. Following the sale, the insider now owns 992,612,058 shares of the company’s stock, valued at $42,096,677,379.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 6,349,021 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 992,612,058 shares of the company’s stock, valued at $42,096,677,379.78. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 148,230,389 shares of company stock valued at $6,023,064,684. Insiders own 0.29% of the company’s stock.

Bank of America Company Profile

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