Bank of America Co. (NYSE:BAC) Shares Bought by Brooklyn Investment Group

26 Nov 2024, 12:50 by Teresa Graham · The Cerbat Gem

Brooklyn Investment Group lifted its holdings in Bank of America Co. (NYSE:BAC – Free Report) by 6.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,630 shares of the financial services provider’s stock after purchasing an additional 1,750 shares during the quarter. Brooklyn Investment Group’s holdings in Bank of America were worth $1,215,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Longfellow Investment Management Co. LLC increased its holdings in Bank of America by 0.6% in the 3rd quarter. Longfellow Investment Management Co. LLC now owns 37,393 shares of the financial services provider’s stock worth $1,484,000 after buying an additional 227 shares during the period. McAdam LLC grew its position in Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after purchasing an additional 238 shares during the period. Integrity Financial Corp WA raised its stake in shares of Bank of America by 1.6% during the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after buying an additional 240 shares during the last quarter. BTC Capital Management Inc. raised its stake in shares of Bank of America by 1.2% during the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after buying an additional 248 shares during the last quarter. Finally, Central Bank & Trust Co. lifted its holdings in shares of Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after buying an additional 248 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $47.46 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $364.15 billion, a price-to-earnings ratio of 17.27, a price-to-earnings-growth ratio of 1.59 and a beta of 1.32. Bank of America Co. has a 12 month low of $29.32 and a 12 month high of $47.74. The business’s 50 day simple moving average is $42.41 and its 200-day simple moving average is $40.76.

Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same period in the prior year, the business earned $0.90 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. Bank of America’s dividend payout ratio is currently 37.82%.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 7,938,699 shares of Bank of America stock in a transaction on Friday, August 30th. The stock was sold at an average price of $40.61, for a total value of $322,390,566.39. Following the completion of the sale, the insider now owns 882,723,903 shares of the company’s stock, valued at $35,847,417,700.83. The trade was a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 85,027,690 shares of company stock worth $3,435,115,636 over the last ninety days. 0.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have commented on BAC. Morgan Stanley upped their price objective on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Evercore ISI increased their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Oppenheimer lifted their price target on Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $44.26.

View Our Latest Stock Report on BAC

Bank of America Company Profile

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