Gabelli Funds LLC Has $17.77 Million Holdings in Bank of America Co. (NYSE:BAC)

Gabelli Funds LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 446,700 shares of the financial services provider’s stock after selling 15,300 shares during the period. Gabelli Funds LLC’s holdings in Bank of America were worth $17,765,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. McAdam LLC raised its holdings in shares of Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after buying an additional 238 shares during the last quarter. BTC Capital Management Inc. raised its stake in shares of Bank of America by 1.2% in the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after acquiring an additional 248 shares during the last quarter. Central Bank & Trust Co. lifted its position in shares of Bank of America by 15.1% during the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 248 shares in the last quarter. SNS Financial Group LLC grew its stake in shares of Bank of America by 3.3% during the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 248 shares during the last quarter. Finally, Verdence Capital Advisors LLC increased its holdings in shares of Bank of America by 0.3% in the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock valued at $3,742,000 after purchasing an additional 251 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

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

Wall Street Analyst Weigh In

BAC has been the topic of several research reports. Piper Sandler upgraded 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. Morgan Stanley raised 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. Cfra reiterated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. BMO Capital Markets upped their target price on shares of 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. Finally, Barclays lifted their price target on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $42.22.

Bank of America Stock Performance

Shares of Bank of America stock opened at $40.27 on Monday. 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 company has a market capitalization of $314.93 billion, a PE ratio of 13.93, a PEG ratio of 1.40 and a beta of 1.33. The stock’s fifty day simple moving average is $39.98 and its 200 day simple moving average is $38.91.

Bank of America (NYSE:BAC) last released 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. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same quarter last year, the firm posted $0.88 earnings per share. Bank of America’s revenue was up .7% compared to the same quarter last year. On average, research analysts predict that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America announced that its Board of Directors has approved a share buyback program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

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