Recent trading activity shows that various institutional investors are buying and selling shares of Bank of America. For instance, McAdam LLC increased its stake by 2.1% in Q2, now owning 11,434 shares valued at $455,000. BTC Capital Management raised its holdings by 1.2%, owning 20,248 shares worth $805,000. Central Bank & Trust Co. saw a 15.1% rise, owning 1,892 shares at $75,000. Further increases occurred for SNS Financial Group and Chicago Capital LLC as well. Overall, institutional investors hold 70.71% of the stock.
Bank of America Stock Performance
Bank of America’s stock (BAC) opened at $42.32 on Monday. It has a market cap of $330.96 billion, with PE ratios of 14.64 and a debt-to-equity ratio of 1.09. The stock’s 12-month range is from $24.96 to $44.44.
On October 15, Bank of America reported quarterly earnings of $0.81 per share, beating expectations. The company generated $25.30 billion in revenue, a slight year-over-year increase.
Dividend and Buyback Program
Bank of America will pay a $0.26 dividend on December 27 to shareholders on record as of December 6. The firm also announced a $25 billion share buyback program, indicating confidence in their stock’s value.
Analyst Ratings
Analysts have given mixed reviews for BAC shares. BMO Capital lifted their price target to $40, while Seaport Res Ptn upgraded to “strong-buy.” The consensus rating is “Moderate Buy,” with an average target of $42.69.
Insider Activity
Recently, insider Lindsay D. Hans sold 10,901 shares at around $36.91, retaining 10,907 shares afterward. Additionally, Berkshire Hathaway sold 7.5 million shares, yet still holds over 966 million shares.
About Bank of America
Bank of America provides banking and financial services globally, divided into four segments: Consumer Banking, GWIM, Global Banking, and Global Markets.
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For more on hedge funds holding BAC, visit HoldingsChannel.com.
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