SeaBridge Investment Advisors LLC Has $3.13 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

SeaBridge Investment Advisors LLC decreased its stake in Bank of America Co. (NYSE:BAC) by 1.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 75,837 shares of the financial services provider’s stock after selling 1,234 shares during the period. SeaBridge Investment Advisors LLC’s holdings in Bank of America were worth $3,127,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of BAC. Gleason Group Inc. grew its position in shares of Bank of America by 0.3% in the second quarter. Gleason Group Inc. now owns 93,562 shares of the financial services provider’s stock valued at $3,858,000 after purchasing an additional 262 shares in the last quarter. MEMBERS Trust Co grew its position in shares of Bank of America by 5.1% in the second quarter. MEMBERS Trust Co now owns 5,470 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 266 shares in the last quarter. Accel Wealth Management grew its position in shares of Bank of America by 1.4% in the first quarter. Accel Wealth Management now owns 19,414 shares of the financial services provider’s stock valued at $751,000 after purchasing an additional 273 shares in the last quarter. Vigilant Capital Management LLC grew its position in shares of Bank of America by 6.7% in the second quarter. Vigilant Capital Management LLC now owns 4,376 shares of the financial services provider’s stock valued at $180,000 after purchasing an additional 275 shares in the last quarter. Finally, Penn Mutual Asset Management LLC grew its position in shares of Bank of America by 4.3% in the first quarter. Penn Mutual Asset Management LLC now owns 6,840 shares of the financial services provider’s stock valued at $265,000 after purchasing an additional 280 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

In other news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the business’s stock in a transaction dated Friday, August 6th. The stock was sold at an average price of $39.98, for a total value of $3,198,400.00. Following the completion of the sale, the insider now owns 337,006 shares of the company’s stock, valued at approximately $13,473,499.88. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.22% of the company’s stock.

Several equities analysts have recently weighed in on the company. Evercore ISI reiterated a “buy” rating and issued a $43.00 price target on shares of Bank of America in a research report on Friday, July 2nd. Credit Suisse Group lifted their price objective on Bank of America from $46.00 to $47.00 and gave the company an “outperform” rating in a research note on Friday, July 16th. Morgan Stanley lifted their price objective on Bank of America from $38.00 to $42.00 and gave the company an “underweight” rating in a research note on Thursday, July 29th. Truist initiated coverage on Bank of America in a research note on Wednesday, June 2nd. They set a “buy” rating for the company. Finally, Keefe, Bruyette & Woods initiated coverage on Bank of America in a research note on Wednesday, July 7th. They set a “market perform” rating and a $43.87 price objective for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $40.42.

BAC stock traded up $0.24 during mid-day trading on Wednesday, hitting $40.08. 1,179,302 shares of the stock were exchanged, compared to its average volume of 49,445,723. Bank of America Co. has a 12 month low of $22.95 and a 12 month high of $43.49. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.74 and a quick ratio of 0.74. The business has a fifty day moving average price of $40.02 and a 200 day moving average price of $40.08. The stock has a market capitalization of $337.27 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 1.72 and a beta of 1.55.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 14th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. Bank of America had a return on equity of 11.08% and a net margin of 30.82%. The company had revenue of $21.50 billion during the quarter, compared to analyst estimates of $21.77 billion. During the same quarter in the previous year, the company posted $0.37 EPS. Bank of America’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Co. will post 3.34 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 24th. Stockholders of record on Friday, September 3rd will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Thursday, September 2nd. This is a positive change from Bank of America’s previous quarterly dividend of $0.18. Bank of America’s payout ratio is 38.50%.

Bank of America Company Profile

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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