Peoples Financial Services CORP. Cuts Stock Position in Bank of America Co. (NYSE:BAC)

16 Oct 2024, 21:15 by Danessa Lincoln · The Markets Daily

Peoples Financial Services CORP. decreased its holdings in Bank of America Co. (NYSE:BAC) by 35.0% in the third quarter, Holdings Channel reports. The firm owned 12,390 shares of the financial services provider’s stock after selling 6,669 shares during the quarter. Peoples Financial Services CORP.’s holdings in Bank of America were worth $492,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of BAC. Delos Wealth Advisors LLC lifted its stake in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the period. Fairway Wealth LLC bought a new stake in Bank of America during the second quarter valued at approximately $27,000. POM Investment Strategies LLC increased its holdings in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC bought a new stake in Bank of America during the 2nd quarter worth approximately $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in Bank of America during the first quarter valued at approximately $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total transaction of $160,649,311.50. Following the completion of the sale, the insider now directly owns 776,614,511 shares in the company, valued at approximately $31,173,306,471.54. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total transaction of $160,649,311.50. Following the completion of the transaction, the insider now owns 776,614,511 shares of the company’s stock, valued at approximately $31,173,306,471.54. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly 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. Insiders have sold a total of 148,230,389 shares of company stock worth $6,023,064,684 in the last quarter. Company insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock traded up $0.69 on Wednesday, hitting $42.83. The company’s stock had a trading volume of 5,868,302 shares, compared to its average volume of 38,759,121. The company has a market capitalization of $334.95 billion, a price-to-earnings ratio of 14.82, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. Bank of America Co. has a 1 year low of $24.96 and a 1 year 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 firm has a fifty day moving average price of $39.62 and a 200-day moving average price of $39.33.

Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 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 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 business earned $0.90 earnings per share. The business’s revenue was up .4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America announced that its board has approved a share buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend was Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Analysts Set New Price Targets

BAC has been the topic of several recent analyst reports. Cfra restated a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Barclays increased their price target on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, September 3rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $42.47.

View Our Latest Stock Report on BAC

Bank of America Company Profile

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