E. Ohman J or Asset Management AB Sells 20,800 Shares of Bank of America Co. (NYSE:BAC)

25 Oct 2024, 14:50 by Jessica Moore · The Cerbat Gem

E. Ohman J or Asset Management AB cut its holdings in Bank of America Co. (NYSE:BAC) by 6.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 286,600 shares of the financial services provider’s stock after selling 20,800 shares during the period. E. Ohman J or Asset Management AB’s holdings in Bank of America were worth $11,372,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Atlas Capital Advisors LLC lifted its stake in Bank of America by 39.5% in the 1st quarter. Atlas Capital Advisors LLC now owns 4,239 shares of the financial services provider’s stock worth $161,000 after purchasing an additional 1,200 shares in the last quarter. Brookstone Capital Management boosted its stake in Bank of America by 9.1% during the first quarter. Brookstone Capital Management now owns 175,876 shares of the financial services provider’s stock valued at $6,669,000 after buying an additional 14,627 shares during the last quarter. Wealthcare Advisory Partners LLC grew its holdings in Bank of America by 16.8% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 63,812 shares of the financial services provider’s stock valued at $2,420,000 after buying an additional 9,191 shares in the last quarter. Thrive Wealth Management LLC raised its holdings in shares of Bank of America by 10.1% during the 1st quarter. Thrive Wealth Management LLC now owns 11,315 shares of the financial services provider’s stock worth $429,000 after acquiring an additional 1,036 shares in the last quarter. Finally, Kathmere Capital Management LLC boosted its position in shares of Bank of America by 26.1% during the 1st quarter. Kathmere Capital Management LLC now owns 25,417 shares of the financial services provider’s stock valued at $964,000 after acquiring an additional 5,264 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 0.7 %

Shares of NYSE BAC opened at $42.64 on Friday. The stock has a market capitalization of $330.87 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 1.43 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. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The stock’s fifty day simple moving average is $40.11 and its two-hundred day simple moving average is $39.53.

Bank of America (NYSE:BAC – Get Free Report) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 earnings per share. As a group, analysts expect that Bank of America Co. will post 3.26 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.44%. Bank of America’s payout ratio is 37.82%.

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was 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 owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at $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 125,336,839 shares of company stock worth $5,049,968,704 in the last ninety days. 0.29% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have commented on BAC shares. Oppenheimer increased their price objective on shares of Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. 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. Finally, Barclays boosted their target price on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Read Our Latest Research Report on Bank of America

Bank of America Company Profile

(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.