Bank of America Co. (NYSE:BAC) Shares Bought by Intrepid Financial Planning Group LLC

Intrepid Financial Planning Group LLC lifted its holdings in shares of 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 24,397 shares of the financial services provider’s stock after buying an additional 374 shares during the period. Intrepid Financial Planning Group LLC’s holdings in Bank of America were worth $970,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Delos Wealth Advisors LLC raised its position in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares in the last quarter. Fairway Wealth LLC bought a new position in shares of Bank of America in the second quarter valued at approximately $27,000. Livelsberger Financial Advisory acquired a new position in shares of Bank of America during the fourth quarter valued at approximately $28,000. POM Investment Strategies LLC raised its holdings in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares in the last quarter. Finally, Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the second quarter worth approximately $30,000. 70.71% of the stock is owned by institutional investors.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The disclosure for this sale can be found here. Insiders sold a total of 114,391,986 shares of company stock worth $4,719,796,383 in the last 90 days. 0.29% of the stock is owned by company insiders.

Bank of America Stock Performance

Shares of NYSE BAC opened at $39.64 on Thursday. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. 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 business’s 50-day simple moving average is $40.03 and its 200-day simple moving average is $38.81. The firm has a market cap of $309.96 billion, a price-to-earnings ratio of 13.71, a P/E/G ratio of 1.40 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping 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 firm had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter last year, the firm posted $0.88 EPS. The business’s quarterly revenue was up .7% on a year-over-year basis. As a group, equities research analysts expect that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has approved a stock repurchase program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.62%. The ex-dividend date is Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is currently 35.99%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. BMO Capital Markets lifted their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Evercore ISI raised their price objective on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, September 3rd. Finally, Morgan Stanley upped their price target on Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

About Bank of America

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.