Huber Capital Management LLC Buys 1,543 Shares of Bank of America Co. (NYSE:BAC)

Huber Capital Management LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 0.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 253,459 shares of the financial services provider’s stock after purchasing an additional 1,543 shares during the quarter. Bank of America comprises 2.3% of Huber Capital Management LLC’s holdings, making the stock its 11th largest holding. Huber Capital Management LLC’s holdings in Bank of America were worth $10,080,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Barometer Capital Management Inc. purchased a new position in Bank of America during the 4th quarter worth $2,175,000. Johnson Financial Group Inc. grew its stake in shares of Bank of America by 149.9% during the fourth quarter. Johnson Financial Group Inc. now owns 21,247 shares of the financial services provider’s stock worth $715,000 after acquiring an additional 12,744 shares during the last quarter. Parnassus Investments LLC increased its holdings in shares of Bank of America by 7.8% during the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after acquiring an additional 2,935,040 shares in the last quarter. Brevan Howard Capital Management LP purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $3,601,000. Finally, American National Bank & Trust Co. VA acquired a new stake in Bank of America in the 1st quarter worth approximately $1,322,000. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,780,724 shares of company stock worth $5,342,589,705. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Down 1.4 %

Bank of America stock opened at $40.28 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $315.00 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. The business has a 50 day simple moving average of $39.98 and a 200-day simple moving average of $38.86. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44.

Bank of America (NYSE:BAC) last issued its quarterly 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. The company had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.88 EPS. On average, analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.58%. The ex-dividend date is Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on BAC shares. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Tuesday, September 3rd. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $48.00 target price (up previously from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Cfra reaffirmed a “sell” rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Jefferies Financial Group increased their price objective on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Finally, Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.22.

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.