Lynch & Associates IN Sells 2,519 Shares of Bank of America Co. (NYSE:BAC)

10 Jan 2025, 22:27 by Michael Walen · The Markets Daily

Lynch & Associates IN reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 144,438 shares of the financial services provider’s stock after selling 2,519 shares during the quarter. Bank of America comprises 1.4% of Lynch & Associates IN’s investment portfolio, making the stock its 23rd biggest position. Lynch & Associates IN’s holdings in Bank of America were worth $6,348,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Two Sigma Advisers LP boosted its holdings in shares of Bank of America by 31,021.6% in the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock worth $405,049,000 after purchasing an additional 10,175,100 shares in the last quarter. 1832 Asset Management L.P. boosted its stake in shares of Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after purchasing an additional 5,749,567 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Bank of America by 193.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after purchasing an additional 5,015,378 shares during the last quarter. International Assets Investment Management LLC raised its position in Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after purchasing an additional 4,423,215 shares during the period. Finally, D1 Capital Partners L.P. bought a new stake in Bank of America in the third quarter worth $174,858,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on BAC shares. Oppenheimer reduced their price objective on shares of Bank of America from $57.00 to $54.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. Keefe, Bruyette & Woods lifted their price target on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. Barclays lifted their target price on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Truist Financial started coverage on Bank of America in a report on Tuesday. They set a “buy” rating and a $52.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Check Out Our Latest Stock Report on BAC

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the sale, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. This represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.

Bank of America Trading Down 2.3 %

Shares of NYSE:BAC traded down $1.07 during trading on Friday, reaching $45.14. 40,680,071 shares of the company were exchanged, compared to its average volume of 33,333,559. 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 $346.35 billion, a PE ratio of 16.41, a P/E/G ratio of 1.55 and a beta of 1.33. The business’s fifty day simple moving average is $45.46 and its 200-day simple moving average is $42.15. Bank of America Co. has a 12-month low of $31.27 and a 12-month high of $48.08.

Bank of America (NYSE:BAC – Get Free Report) last announced 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 return on equity of 10.09% and a net margin of 12.48%. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. During the same quarter last year, the firm posted $0.90 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. On average, research analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were issued a $0.26 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.30%. Bank of America’s dividend payout ratio is presently 37.82%.

About Bank of America

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