ProVise Management Group LLC Sells 3,935 Shares of Bank of America Co. (NYSE:BAC)

ProVise Management Group LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 4.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 87,631 shares of the financial services provider’s stock after selling 3,935 shares during the period. ProVise Management Group LLC’s holdings in Bank of America were worth $3,485,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Barometer Capital Management Inc. acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $2,175,000. IMA Wealth Inc. bought a new stake in Bank of America during the first quarter worth $1,453,000. Johnson Financial Group Inc. lifted its stake in Bank of America by 149.9% in the fourth quarter. Johnson Financial Group Inc. now owns 21,247 shares of the financial services provider’s stock valued at $715,000 after acquiring an additional 12,744 shares during the last quarter. Parnassus Investments LLC grew its position in shares of Bank of America by 7.8% in the 4th quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after acquiring an additional 2,935,040 shares during the period. Finally, Brevan Howard Capital Management LP acquired a new position in shares of Bank of America during the 4th quarter worth about $3,601,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC opened at $40.87 on Friday. The stock has a market capitalization of $319.62 billion, a PE ratio of 14.14, a P/E/G ratio of 1.40 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business has a fifty day moving average price of $40.01 and a two-hundred day moving average price of $38.82.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. 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 prior year, the business posted $0.88 earnings per share. Bank of America’s revenue was up .7% compared to the same quarter last year. As a group, equities analysts predict that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.54%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Bank of America announced that its Board of Directors has authorized a share repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

BAC has been the subject of a number of research analyst reports. Evercore ISI lifted their price target on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $48.00 price target (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Cfra reaffirmed a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $42.22.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80. Following the transaction, the insider now owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the sale, the insider now owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. The disclosure for this sale can be found here. Insiders sold 129,780,724 shares of company stock worth $5,342,589,705 over the last three months. Insiders own 0.29% 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.