1832 Asset Management L.P. Purchases 5,749,567 Shares of Bank of America Co. (NYSE:BAC)

1832 Asset Management L.P. lifted its holdings in Bank of America Co. (NYSE:BAC) by 1,432.1% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 6,151,042 shares of the financial services provider’s stock after acquiring an additional 5,749,567 shares during the quarter. 1832 Asset Management L.P. owned 0.08% of Bank of America worth $244,627,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in BAC. Vanguard Group Inc. boosted its stake in shares of Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after purchasing an additional 36,124,363 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in Bank of America by 360.9% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after acquiring an additional 29,198,846 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after purchasing an additional 9,879,524 shares in the last quarter. AMF Tjanstepension AB boosted its holdings in shares of Bank of America by 959.6% during the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after buying an additional 8,447,091 shares in the last quarter. Finally, Swedbank AB purchased a new stake in Bank of America in the first quarter worth about $261,923,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction 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 in the company, valued at approximately $44,958,509,063.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America 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 transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 129,780,724 shares of company stock valued at $5,342,589,705. Company insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $40.27 on Friday. The company has a market capitalization of $314.93 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 1.40 and a beta of 1.33. The firm’s 50-day moving average is $39.98 and its 200 day moving average is $38.88. 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.

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

Bank of America declared that its Board of Directors has authorized a share repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

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

Analyst Ratings Changes

Several brokerages recently commented on BAC. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Cfra reissued a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Morgan Stanley increased their price target on Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, Evercore ISI increased their price objective on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company 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.