Parnassus Investments LLC cut its position in Bank of America Co. (NYSE:BAC - Free Report) by 3.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,387,639 shares of the financial services provider's stock after selling 785,317 shares during the quarter. Bank of America makes up approximately 1.9% of Parnassus Investments LLC's investment portfolio, making the stock its 22nd largest holding. Parnassus Investments LLC owned about 0.29% of Bank of America worth $888,342,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Summit Global Investments increased its holdings in shares of Bank of America by 237.6% during the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider's stock valued at $2,035,000 after acquiring an additional 36,089 shares in the last quarter. Accent Capital Management LLC increased its holdings in Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider's stock worth $1,567,000 after buying an additional 11,873 shares during the period. Baker Avenue Asset Management LP increased its holdings in Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider's stock worth $2,421,000 after buying an additional 33,983 shares during the period. Citizens Financial Group Inc. RI increased its holdings in Bank of America by 27.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 98,189 shares of the financial services provider's stock worth $3,734,000 after buying an additional 20,916 shares during the period. Finally, SteelPeak Wealth LLC increased its holdings in Bank of America by 37.7% in the 2nd quarter. SteelPeak Wealth LLC now owns 54,393 shares of the financial services provider's stock worth $2,163,000 after buying an additional 14,901 shares during the period. 70.71% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several equities analysts recently weighed in on the stock. Phillip Securities upgraded shares of Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price target on the stock in a report on Friday, October 18th. Barclays increased their price target on shares of Bank of America from $49.00 to $53.00 and gave the stock an "overweight" rating in a report on Wednesday, October 16th. Royal Bank of Canada restated an "outperform" rating and issued a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. StockNews.com upgraded Bank of America from a "sell" rating to a "hold" rating in a research report on Wednesday, October 16th. Finally, Oppenheimer upped their price objective on Bank of America from $50.00 to $56.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $44.26.
Check Out Our Latest Research Report on BAC
Insider Buying and Selling
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 stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares of the company's stock, valued at $3,824,063.60. The trade was a 48.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America 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 transaction, the insider now directly owns 766,305,462 shares in the company, valued at approximately $32,606,297,408.10. This trade represents a 1.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 102,848,970 shares of company stock worth $4,145,103,288 over the last 90 days. 0.29% of the stock is owned by insiders.
Bank of America Stock Down 0.7 %
Shares of BAC traded down $0.31 during midday trading on Tuesday, hitting $46.41. The company had a trading volume of 28,517,124 shares, compared to its average volume of 38,648,605. The company's 50-day simple moving average is $41.64 and its 200-day simple moving average is $40.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $356.10 billion, a P/E ratio of 16.91, a P/E/G ratio of 1.58 and a beta of 1.32. Bank of America Co. has a 1 year low of $29.32 and a 1 year high of $47.02.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $25.30 billion during the quarter, compared to analysts' expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business's quarterly revenue was up .4% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 EPS. As a group, sell-side analysts expect that Bank of America Co. will post 3.27 EPS for the current year.
Bank of America Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America's payout ratio is 37.82%.
Bank of America declared that its board has approved a stock repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.
About Bank of America
(
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.
See Also
Before you consider Bank of America, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bank of America wasn't on the list.
While Bank of America currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
