Versant Capital Management Inc Has $547,000 Stake in Bank of America Co. (NYSE:BAC)

Versant Capital Management Inc boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 43.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,436 shares of the financial services provider’s stock after acquiring an additional 3,781 shares during the quarter. Versant Capital Management Inc’s holdings in Bank of America were worth $547,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Accent Capital Management LLC grew its position in Bank of America by 43.0% during the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after acquiring an additional 11,873 shares during the last quarter. Summit Global Investments boosted its stake in Bank of America by 237.6% in the third quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Bank of America by 1.2% during 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 last quarter. Baker Avenue Asset Management LP increased its stake in shares of Bank of America by 125.8% in the third quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock valued at $2,421,000 after buying an additional 33,983 shares in the last quarter. Finally, Copley Financial Group Inc. bought a new position in shares of Bank of America in the third quarter valued at about $550,000. 70.71% of the stock is owned by institutional investors.

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 sale, the insider now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 16,772,932 shares of company stock worth $693,852,472 over the last ninety days. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several research reports. Barclays raised 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 report on Wednesday, October 16th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Piper Sandler upped their price objective on Bank of America from $44.00 to $50.00 and gave the stock 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 increased their price objective for the company from $48.00 to $55.00 in a research report on Monday, December 9th. Finally, Wells Fargo & Company boosted their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $45.92.

Bank of America Price Performance

Shares of BAC opened at $44.29 on Friday. The stock has a 50 day simple moving average of $45.08 and a 200 day simple moving average of $41.92. Bank of America Co. has a 52-week low of $31.27 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $339.83 billion, a PE ratio of 16.11, a P/E/G ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.90 earnings per share. Sell-side analysts predict that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is currently 37.82%.

Bank of America Company Profile

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.