Mount Yale Investment Advisors LLC Buys 1,297 Shares of Bank of America Co. (NYSE:BAC)

Mount Yale Investment Advisors LLC increased its position in Bank of America Co. (NYSE:BAC) by 20.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,557 shares of the financial services provider’s stock after acquiring an additional 1,297 shares during the quarter. Mount Yale Investment Advisors LLC’s holdings in Bank of America were worth $301,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of BAC. Delos Wealth Advisors LLC grew its position in shares of Bank of America by 402.2% during the 1st 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 bought a new stake in Bank of America during the second quarter valued at $27,000. Livelsberger Financial Advisory purchased a new position in Bank of America during the fourth quarter worth about $28,000. POM Investment Strategies LLC grew its position in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares in the last quarter. Finally, Bbjs Financial Advisors LLC bought a new position in Bank of America in the 2nd quarter worth about $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $39.45 on Wednesday. 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 50-day moving average price of $39.85 and a 200-day moving average price of $38.97. The company has a market cap of $308.51 billion, a price-to-earnings ratio of 13.65, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. 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 released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $25.38 billion during 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 quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.88 EPS. As a group, equities analysts anticipate that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.64%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is 35.99%.

Bank of America declared that its board has initiated a share repurchase 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 stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BAC. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Morgan Stanley increased their price target 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. Cfra restated a “sell” rating and set 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 stock a “market perform” rating in a research report on Thursday, July 18th. Finally, Jefferies Financial Group raised their price target on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $42.22.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated 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 $402,577.37. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 4,941,403 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $39.94, for a total transaction of $197,359,635.82. Following the completion of the sale, the insider now owns 820,719,071 shares of the company’s stock, valued at $32,779,519,695.74. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 134,722,127 shares of company stock valued at $5,539,949,341. 0.29% of the stock is currently owned by company insiders.

About Bank of America

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.