Bank of America Co. (NYSE:BAC) Shares Acquired by Semmax Financial Advisors Inc.

Semmax Financial Advisors Inc. boosted its position in Bank of America Co. (NYSE:BAC) by 10.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,921 shares of the financial services provider’s stock after purchasing an additional 1,694 shares during the quarter. Semmax Financial Advisors Inc.’s holdings in Bank of America were worth $689,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Brio Consultants LLC purchased a new stake in Bank of America in the 4th quarter worth approximately $227,000. Gilbert & Cook Inc. grew its position in shares of Bank of America by 4.0% in the fourth quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock valued at $585,000 after purchasing an additional 662 shares during the period. Rollins Financial increased its stake in Bank of America by 12.5% in the fourth quarter. Rollins Financial now owns 441,919 shares of the financial services provider’s stock valued at $14,879,000 after purchasing an additional 48,998 shares during the last quarter. Gryphon Financial Partners LLC lifted its position in Bank of America by 44.4% during the fourth quarter. Gryphon Financial Partners LLC now owns 11,664 shares of the financial services provider’s stock worth $393,000 after buying an additional 3,585 shares during the period. Finally, Aigen Investment Management LP acquired a new stake in Bank of America in the 4th quarter worth about $237,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Down 1.0 %

Shares of NYSE BAC opened at $39.88 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock’s 50 day moving average price is $39.94 and its two-hundred day moving average price is $38.94. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The stock has a market capitalization of $311.88 billion, a P/E ratio of 13.80, a PEG ratio of 1.40 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same period last year, the business posted $0.88 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. On average, analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America announced that its board has approved a stock repurchase plan 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 repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The firm 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. The ex-dividend date of this dividend is Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.61%. Bank of America’s payout ratio is 35.99%.

Insider Activity at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $402,577.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. 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.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on BAC shares. Evercore ISI upped their price objective on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Jefferies Financial Group lifted their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Royal Bank of Canada lifted their target price on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $48.00 price target (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average 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.