Perpetual Ltd Decreases Stock Position in Bank of America Co. (NYSE:BAC)

11 Oct 2024, 16:09 by Michael Walen · The Markets Daily

Perpetual Ltd decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 28.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 57,834 shares of the financial services provider’s stock after selling 23,179 shares during the period. Perpetual Ltd’s holdings in Bank of America were worth $2,295,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Delos Wealth Advisors LLC increased its stake in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the period. Fairway Wealth LLC acquired a new position in Bank of America during the 2nd quarter worth approximately $27,000. Livelsberger Financial Advisory purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $28,000. POM Investment Strategies LLC raised its holdings in shares of Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares in the last quarter. Finally, Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America during the 2nd quarter worth $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BAC shares. Cfra restated a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 price objective (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday. Finally, Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.27.

Check Out Our Latest Stock Report on Bank of America

Bank of America Stock Performance

Shares of BAC opened at $39.97 on Friday. The stock has a market capitalization of $310.15 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.39 and a beta of 1.33. The company’s fifty day moving average is $39.31 and its two-hundred day moving average is $39.21. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44.

Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter last year, the firm earned $0.88 earnings per share. The firm’s revenue was up .7% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a $0.26 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.60%. The ex-dividend date was Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is currently 36.62%.

Bank of America declared that its Board of Directors has authorized a share repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated 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 transaction, the insider now directly 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 filing with the SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 160,921,082 shares of company stock worth $6,582,343,525 over the last three months. 0.29% of the stock is currently owned by corporate insiders.

Bank of America 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.