Evergreen Capital Management LLC Sells 70,551 Shares of Bank of America Co. (NYSE:BAC)

Evergreen Capital Management LLC lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 18.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 307,033 shares of the financial services provider’s stock after selling 70,551 shares during the quarter. Evergreen Capital Management LLC’s holdings in Bank of America were worth $12,211,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Delos Wealth Advisors LLC lifted its holdings in shares of Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares in the last quarter. Fairway Wealth LLC acquired a new stake in Bank of America in the 2nd quarter valued at approximately $27,000. Livelsberger Financial Advisory bought a new stake in Bank of America in the 4th quarter valued at approximately $28,000. POM Investment Strategies LLC grew its stake in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares in the last quarter. Finally, Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America in the second quarter valued at approximately $30,000. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of several analyst reports. Cfra restated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. Piper Sandler Companies raised 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. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Morgan Stanley boosted their target price on shares of Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, Barclays increased their price target on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Stock Down 1.5 %

Shares of NYSE BAC opened at $40.27 on Monday. The firm has a fifty day simple moving average of $39.98 and a two-hundred day simple moving average of $38.91. The firm has a market capitalization of $314.93 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. 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 Co. has a 12 month low of $24.96 and a 12 month high of $44.44.

Bank of America (NYSE:BAC) last posted 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. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the previous year, the firm posted $0.88 EPS. The business’s revenue was up .7% on a year-over-year basis. Equities analysts expect that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

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

Bank of America announced that its Board of Directors has approved a stock buyback 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 reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction dated 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 completion of 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 SEC, which can be accessed through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction that occurred 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 completion of 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 SEC, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. 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 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.