Bank of America Co. (NYSE:BAC) Major Shareholder Sells $90,533,647.05 in Stock

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total value of $90,533,647.05. Following the transaction, the insider now directly owns 812,041,811 shares in the company, valued at approximately $31,888,881,917.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Friday, September 27th, Berkshire Hathaway Inc sold 3,915,126 shares of Bank of America stock. The stock was sold at an average price of $39.52, for a total value of $154,725,779.52.
• On Monday, September 23rd, Berkshire Hathaway Inc sold 4,941,403 shares of Bank of America stock. The stock was sold at an average price of $39.94, for a total value of $197,359,635.82.
• On Thursday, September 19th, Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80.
• On Tuesday, September 17th, Berkshire Hathaway Inc sold 3,966,178 shares of Bank of America stock. The shares were sold at an average price of $39.58, for a total value of $156,981,325.24.
• On Monday, September 9th, Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock. The shares were sold at an average price of $39.57, for a total value of $68,114,452.62.
• On Thursday, September 5th, Berkshire Hathaway Inc sold 5,031,014 shares of Bank of America stock. The shares were sold at an average price of $40.28, for a total value of $202,649,243.92.
• On Tuesday, September 3rd, Berkshire Hathaway Inc sold 8,031,639 shares of Bank of America stock. The stock was sold at an average price of $40.66, for a total value of $326,566,441.74.
• On Friday, August 30th, Berkshire Hathaway Inc sold 7,938,699 shares of Bank of America stock. The stock was sold at an average price of $40.61, for a total transaction of $322,390,566.39.
• On Wednesday, August 28th, Berkshire Hathaway Inc sold 7,081,075 shares of Bank of America stock. The stock was sold at an average price of $39.95, for a total transaction of $282,888,946.25.
• On Monday, August 26th, Berkshire Hathaway Inc sold 10,975,008 shares of Bank of America stock. The stock was sold at an average price of $39.87, for a total transaction of $437,573,568.96.

Bank of America Stock Performance

BAC traded down $0.13 during midday trading on Friday, hitting $39.39. 27,848,772 shares of the company traded hands, compared to its average volume of 39,325,918. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $308.04 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. The company’s 50-day moving average is $39.69 and its 200 day moving average is $38.97. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the prior year, the business earned $0.88 EPS. The business’s revenue for the quarter was up .7% compared to the same quarter last year. On average, research analysts expect that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.64%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is presently 35.99%.

Analyst Ratings Changes

BAC has been the topic of a number of recent analyst reports. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $48.00 price target (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Royal Bank of Canada upped their price objective on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Morgan Stanley upped their price objective on shares of Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given 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 an average price target of $42.22.

Institutional Investors Weigh In On Bank of America

Hedge funds and other institutional investors have recently made changes to their positions in the business. Anchor Investment Management LLC raised its stake in Bank of America by 10.5% during the 2nd quarter. Anchor Investment Management LLC now owns 100,678 shares of the financial services provider’s stock worth $4,004,000 after acquiring an additional 9,604 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Bank of America by 39.7% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 9,941,700 shares of the financial services provider’s stock worth $395,381,000 after acquiring an additional 2,827,700 shares during the period. University of Texas Texas AM Investment Management Co. lifted its stake in shares of Bank of America by 35,120.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 130,314 shares of the financial services provider’s stock valued at $5,183,000 after buying an additional 129,944 shares in the last quarter. Verity & Verity LLC boosted its holdings in Bank of America by 46.0% in the 2nd quarter. Verity & Verity LLC now owns 21,554 shares of the financial services provider’s stock worth $857,000 after buying an additional 6,788 shares during the period. Finally, American Trust boosted its holdings in Bank of America by 4.7% in the 2nd quarter. American Trust now owns 10,529 shares of the financial services provider’s stock worth $419,000 after buying an additional 470 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.