Bank of America Co. (NYSE:BAC) Major Shareholder Sells $67,867,406.20 in Stock

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 1,722,523 shares of Bank of America stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $39.40, for a total value of $67,867,406.20. Following the completion of the sale, the insider now directly owns 794,120,913 shares in the company, valued at approximately $31,288,363,972.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Monday, September 30th, Berkshire Hathaway Inc sold 4,985,553 shares of Bank of America stock. The stock was sold at an average price of $39.61, for a total value of $197,477,754.33.
• On Friday, September 27th, Berkshire Hathaway Inc sold 3,915,126 shares of Bank of America stock. The shares were sold at an average price of $39.52, for a total value of $154,725,779.52.
• On Wednesday, September 25th, Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock. The stock was sold at an average price of $39.27, for a total value of $90,533,647.05.
• On Monday, September 23rd, Berkshire Hathaway Inc sold 4,941,403 shares of Bank of America stock. The stock was sold at an average price of $39.94, for a total transaction of $197,359,635.82.
• On Thursday, September 19th, Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80.
• On Tuesday, September 17th, Berkshire Hathaway Inc sold 3,966,178 shares of Bank of America stock. The stock was sold at an average price of $39.58, for a total value of $156,981,325.24.
• On Monday, September 9th, Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62.
• On Thursday, September 5th, Berkshire Hathaway Inc sold 5,031,014 shares of Bank of America stock. The stock was sold at an average price of $40.28, for a total transaction of $202,649,243.92.
• On Tuesday, September 3rd, Berkshire Hathaway Inc sold 8,031,639 shares of Bank of America stock. The stock was sold at an average price of $40.66, for a total value of $326,566,441.74.
• On Friday, August 30th, Berkshire Hathaway Inc sold 7,938,699 shares of Bank of America stock. The stock was sold at an average price of $40.61, for a total value of $322,390,566.39.

Bank of America Stock Up 0.0 %

Shares of BAC stock traded up $0.01 during trading hours on Wednesday, hitting $39.23. 23,288,319 shares of the company were exchanged, compared to its average volume of 39,150,520. The business’s 50-day simple moving average is $39.44 and its two-hundred day simple moving average is $39.09. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The stock has a market capitalization of $306.79 billion, a price-to-earnings ratio of 13.57, a P/E/G ratio of 1.37 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last announced its earnings results 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 during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter last year, the business posted $0.88 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. Sell-side analysts predict that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a $0.26 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s dividend payout ratio is currently 35.99%.

Bank of America declared that its board has authorized a stock buyback plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Bank of America

Large investors have recently made changes to their positions in the business. Delos Wealth Advisors LLC lifted its stake in 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 acquiring an additional 547 shares during the last quarter. Fairway Wealth LLC bought a new stake in Bank of America in the second quarter worth $27,000. Livelsberger Financial Advisory bought a new position in Bank of America during the fourth quarter valued at about $28,000. POM Investment Strategies LLC lifted its position in shares of Bank of America by 839.0% in 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 during the last quarter. Finally, Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America during the 2nd quarter worth about $30,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on BAC. Morgan Stanley cut their target price on Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Monday. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Cfra reiterated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Evercore ISI boosted their target price on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Finally, BMO Capital Markets increased their price objective on 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. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $42.27.

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.