Bank of America Co. (NYSE:BAC) Shares Sold by Harvey Capital Management Inc.

Harvey Capital Management Inc. decreased its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 35.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 101,900 shares of the financial services provider's stock after selling 54,825 shares during the quarter. Harvey Capital Management Inc.'s holdings in Bank of America were worth $4,043,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in BAC. Delos Wealth Advisors LLC boosted its holdings in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider's stock worth $26,000 after purchasing an additional 547 shares during the last quarter. Fairway Wealth LLC purchased a new stake in Bank of America in the second quarter worth approximately $27,000. POM Investment Strategies LLC boosted its holdings in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider's stock worth $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC purchased a new stake in Bank of America in the second quarter worth approximately $30,000. Finally, Clearstead Trust LLC boosted its holdings in Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider's stock worth $34,000 after purchasing an additional 834 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on BAC shares. Piper Sandler Companies upgraded shares of 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 report on Tuesday, July 9th. BMO Capital Markets lifted their price target on shares of Bank of America from $38.00 to $40.00 and gave the stock a "market perform" rating in a research note on Thursday, July 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $45.00 price target on the stock in a research note on Tuesday, September 3rd. Piper Sandler upgraded shares of Bank of America from an "underweight" rating to a "neutral" rating and lifted their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Evercore ISI lifted their price target on shares of Bank of America from $44.00 to $45.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and an average target price of $42.69.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now owns 766,305,462 shares of the company's stock, valued at $32,606,297,408.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm's stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares of the company's stock, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares of the company's stock, valued at approximately $32,606,297,408.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,078,718 shares of company stock valued at $4,548,920,425 over the last 90 days. Insiders own 0.29% of the company's stock.

Bank of America Trading Down 0.1 %

BAC stock traded down $0.06 during mid-day trading on Friday, reaching $41.76. The company had a trading volume of 31,220,003 shares, compared to its average volume of 32,362,604. 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 company has a market capitalization of $320.42 billion, a PE ratio of 15.19, a price-to-earnings-growth ratio of 1.42 and a beta of 1.32. The firm has a 50 day moving average of $40.54 and a 200 day moving average of $39.85. Bank of America Co. has a 12 month low of $26.59 and a 12 month high of $44.44.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. During the same period last year, the firm earned $0.90 earnings per share. The company's quarterly revenue was up .4% on a year-over-year basis. On average, equities analysts predict that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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 2.49%. Bank of America's payout ratio is 37.82%.

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

About Bank of America

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.