Bank of America (NYSE:BAC) Shares Down 0.5% After Insider Selling

Shares of Bank of America Co. (NYSE:BAC) traded down 0.5% during trading on Friday following insider selling activity. The company traded as low as $42.11 and last traded at $42.38. 9,128,959 shares were traded during mid-day trading, a decline of 76% from the average session volume of 38,758,570 shares. The stock had previously closed at $42.60.

Specifically, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now directly owns 766,305,462 shares of the company’s stock, valued at $32,606,297,408.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BAC. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a research note on Wednesday, October 9th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Jefferies Financial Group lifted their target price on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $42.69.

Bank of America Trading Down 0.6 %

The firm has a market capitalization of $331.04 billion, a PE ratio of 14.65, a P/E/G ratio of 1.39 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. The firm has a fifty day moving average of $39.89 and a 200 day moving average of $39.41.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. Bank of America’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter last year, the company earned $0.90 earnings per share. Equities research analysts expect that Bank of America Co. will post 3.25 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. Bank of America’s dividend payout ratio is presently 35.99%.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Park Avenue Securities LLC boosted its stake in Bank of America by 10.9% during the 1st quarter. Park Avenue Securities LLC now owns 99,869 shares of the financial services provider’s stock valued at $3,787,000 after acquiring an additional 9,784 shares during the last quarter. RFG Advisory LLC grew its stake in Bank of America by 2.2% in the first quarter. RFG Advisory LLC now owns 18,438 shares of the financial services provider’s stock worth $699,000 after purchasing an additional 402 shares in the last quarter. Sanders Morris Harris LLC bought a new stake in Bank of America in the first quarter valued at about $311,000. &PARTNERS raised its stake in Bank of America by 168.7% during the first quarter. &PARTNERS now owns 36,166 shares of the financial services provider’s stock valued at $1,371,000 after buying an additional 22,708 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in Bank of America by 3.4% during the 1st quarter. International Assets Investment Management LLC now owns 107,553 shares of the financial services provider’s stock worth $4,078,000 after buying an additional 3,553 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.