Sompo Asset Management Co. Ltd. Sells 6,800 Shares of Bank of America Co. (NYSE:BAC)

Sompo Asset Management Co. Ltd. decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 5.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 114,720 shares of the financial services provider’s stock after selling 6,800 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Bank of America were worth $4,562,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Barometer Capital Management Inc. bought a new stake in shares of Bank of America during the 4th quarter valued at $2,175,000. Johnson Financial Group Inc. boosted its holdings in 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 buying an additional 12,744 shares during the last quarter. Parnassus Investments LLC boosted its holdings in 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 worth $1,363,928,000 after buying an additional 2,935,040 shares during the last quarter. Brevan Howard Capital Management LP bought a new stake in shares of Bank of America in the 4th quarter valued at about $3,601,000. Finally, American National Bank & Trust Co. VA acquired a new stake in shares of Bank of America in the 1st quarter valued at approximately $1,322,000. 70.71% of the stock is owned by institutional investors.

Insider Activity at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $39.31, for a total transaction of $203,776,317.99. Following the completion of the transaction, the insider now owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. The disclosure for this sale can be found here. Insiders sold a total of 129,780,724 shares of company stock valued at $5,342,589,705 in the last quarter. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of several recent analyst reports. Royal Bank of Canada upped their target price on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. Jefferies Financial Group increased their price objective on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, BMO Capital Markets boosted their target price on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. One equities 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $42.22.

Bank of America Price Performance

Shares of NYSE:BAC opened at $40.28 on Friday. The firm has a 50 day moving average of $39.98 and a 200-day 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. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $315.00 billion, a PE ratio of 13.94, a PEG ratio of 1.40 and a beta of 1.33.

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

Bank of America declared that its board has approved a share buyback program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes 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 business 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 dividend on an annualized basis and a yield of 2.58%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio is currently 35.99%.

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.