Graypoint LLC Sells 719 Shares of Bank of America Co. (NYSE:BAC)

Graypoint LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 85,302 shares of the financial services provider’s stock after selling 719 shares during the period. Graypoint LLC’s holdings in Bank of America were worth $3,749,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of BAC. Geode Capital Management LLC increased its stake in Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares during the period. Legal & General Group Plc increased its stake in Bank of America by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock worth $2,288,347,000 after buying an additional 895,884 shares during the period. Fisher Asset Management LLC lifted its holdings in Bank of America by 4.0% during the 3rd quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider’s stock valued at $1,794,164,000 after buying an additional 1,731,003 shares in the last quarter. Sanders Capital LLC boosted its position in Bank of America by 2.8% in the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider’s stock valued at $886,499,000 after buying an additional 601,211 shares during the period. Finally, Diamond Hill Capital Management Inc. grew its stake in Bank of America by 0.4% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider’s stock worth $676,264,000 after acquiring an additional 59,853 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. Piper Sandler boosted their price target on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Morgan Stanley lowered Bank of America from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $48.00 to $55.00 in a research note on Monday, December 9th. Evercore ISI increased their target price 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. Oppenheimer cut 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 report on Friday, January 3rd. Finally, Truist Financial assumed coverage on Bank of America in a report on Tuesday. They set a “buy” rating and a $52.00 target price for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated 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 completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $1.07 during midday trading on Friday, reaching $45.14. The company’s stock had a trading volume of 40,681,599 shares, compared to its average volume of 33,333,559. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a fifty day moving average of $45.46 and a 200 day moving average of $42.15. Bank of America Co. has a twelve month low of $31.27 and a twelve month high of $48.08. 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.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter last year, the business posted $0.90 EPS. The company’s revenue was up .4% on a year-over-year basis. On average, equities analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend 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 payout ratio is 37.82%.

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.