Nicolet Advisory Services LLC Grows Holdings in Bank of America Co. (NYSE:BAC)

23 Nov 2024, 12:46 by Doug Wharley · The Cerbat Gem

Nicolet Advisory Services LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 4.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,782 shares of the financial services provider’s stock after buying an additional 1,359 shares during the quarter. Nicolet Advisory Services LLC’s holdings in Bank of America were worth $1,208,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of BAC. Fairway Wealth LLC acquired a new position in Bank of America in the 2nd quarter valued at $27,000. POM Investment Strategies LLC increased its stake 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 valued at $29,000 after purchasing an additional 646 shares during the last quarter. Kennebec Savings Bank purchased a new position in Bank of America during the third quarter worth about $29,000. Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the 2nd quarter worth about $30,000. Finally, Christopher J. Hasenberg Inc grew its holdings in Bank of America by 525.9% in the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after buying an additional 852 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated Tuesday, October 15th. The shares were 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 directly owns 766,305,462 shares of the company’s stock, valued at approximately $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated 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 sale, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. This trade represents a 48.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 96,094,698 shares of company stock valued at $3,876,350,805 in the last quarter. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Deutsche Bank Aktiengesellschaft raised 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. Barclays boosted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods boosted their price target on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.26.

Check Out Our Latest Report on BAC

Bank of America Stock Performance

Bank of America stock opened at $47.00 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a 50 day moving average of $42.24 and a 200-day moving average of $40.65. The stock has a market cap of $360.63 billion, a P/E ratio of 17.09, a price-to-earnings-growth ratio of 1.57 and a beta of 1.32. Bank of America Co. has a 52 week low of $29.32 and a 52 week high of $47.22.

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 for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the business earned $0.90 EPS. On average, analysts expect that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders 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 2.21%. The ex-dividend date is Friday, December 6th. Bank of America’s payout ratio is currently 37.82%.

Bank of America Profile

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