Regal Investment Advisors LLC Raises Stake in Bank of America Co. (NYSE:BAC)

Regal Investment Advisors LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 2.3% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 47,468 shares of the financial services provider’s stock after purchasing an additional 1,060 shares during the period. Regal Investment Advisors LLC’s holdings in Bank of America were worth $1,888,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after buying an additional 36,124,363 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew 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 worth $1,255,514,000 after acquiring an additional 29,198,846 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after acquiring an additional 9,879,524 shares during the last quarter. AMF Tjanstepension AB grew its position in 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 worth $370,948,000 after acquiring an additional 8,447,091 shares during the last quarter. Finally, Swedbank AB bought a new position in Bank of America during the 1st quarter worth approximately $261,923,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 3,915,126 shares of the business’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $39.52, for a total value of $154,725,779.52. Following the completion of the transaction, the insider now owns 802,668,860 shares in the company, valued at $31,721,473,347.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 3,915,126 shares of Bank of America stock in a transaction on Friday, September 27th. The stock was sold at an average price of $39.52, for a total value of $154,725,779.52. Following the completion of the sale, the insider now owns 802,668,860 shares of the company’s stock, valued at $31,721,473,347.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America 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 completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The disclosure for this sale can be found here. Insiders sold 140,942,405 shares of company stock worth $5,785,202,516 over the last quarter. 0.29% of the stock is currently owned by insiders.

Bank of America Stock Up 0.7 %

Shares of NYSE:BAC opened at $39.68 on Tuesday. The stock has a fifty day simple moving average of $39.56 and a two-hundred day simple moving average of $39.07. The stock has a market capitalization of $310.31 billion, a price-to-earnings ratio of 13.73, a PEG ratio of 1.37 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. 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 announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating 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 business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the previous year, the business earned $0.88 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. On average, research 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 initiated a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.62%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is currently 35.99%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BAC. Jefferies Financial Group lifted their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Morgan Stanley cut their price objective on Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Monday. Royal Bank of Canada lifted their price objective on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, September 3rd. One investment 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 company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.12.

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.