Bank of America Co. (NYSE:BAC) Stake Boosted by Cahill Financial Advisors Inc.

25 Nov 2024, 06:34 by Renee Jackson · The Cerbat Gem

Cahill Financial Advisors Inc. increased its stake in Bank of America Co. (NYSE:BAC – Free Report) by 2.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,231 shares of the financial services provider’s stock after purchasing an additional 249 shares during the period. Cahill Financial Advisors Inc.’s holdings in Bank of America were worth $485,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Quent Capital LLC lifted its position in Bank of America by 3.6% in the 1st quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock valued at $1,129,000 after purchasing an additional 1,037 shares during the last quarter. Mount Yale Investment Advisors LLC acquired a new position in shares of Bank of America during the first quarter worth approximately $237,000. Industrial Alliance Investment Management Inc. grew its holdings in Bank of America by 3.0% in the 1st quarter. Industrial Alliance Investment Management Inc. now owns 19,150 shares of the financial services provider’s stock worth $726,000 after buying an additional 560 shares in the last quarter. Icon Wealth Advisors LLC grew its holdings in Bank of America by 13.1% in the 1st quarter. Icon Wealth Advisors LLC now owns 161,626 shares of the financial services provider’s stock worth $6,129,000 after buying an additional 18,777 shares in the last quarter. Finally, Sweeney & Michel LLC acquired a new stake in Bank of America in the 1st quarter valued at approximately $1,368,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $47.00 on Monday. The company has a 50-day moving average of $42.24 and a two-hundred day moving average of $40.69. The stock has a market cap of $360.63 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 1.59 and a beta of 1.32. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a one year low of $29.32 and a one year high of $47.22.

Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping 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 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 research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. Bank of America’s dividend payout ratio is 37.82%.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the 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 completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The trade was a 48.91 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 85,119,690 shares of company stock valued at $3,438,777,236. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BAC. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Tuesday, September 3rd. Oppenheimer increased their target price on shares of Bank of America from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Wells Fargo & Company upped their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price objective for the company from $46.00 to $54.00 in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $44.26.

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