Profund Advisors LLC Sells 4,720 Shares of Bank of America Co. (NYSE:BAC)

Profund Advisors LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 4.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 101,954 shares of the financial services provider’s stock after selling 4,720 shares during the quarter. Profund Advisors LLC’s holdings in Bank of America were worth $4,055,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Bank of America by 5.9% in the first 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 during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in shares of 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 valued at $1,255,514,000 after acquiring an additional 29,198,846 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after purchasing an additional 9,879,524 shares during the period. AMF Tjanstepension AB boosted its position in shares of Bank of America by 959.6% in the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after purchasing an additional 8,447,091 shares during the last quarter. Finally, Swedbank AB acquired a new stake in shares of Bank of America during the first quarter worth $261,923,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 835,908,435 shares of the company’s stock, valued at approximately $34,088,345,979.30. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a document filed with the SEC, which is available through this link. 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 value of $465,811,996.80. Following the completion of the sale, the insider now directly owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. The disclosure for this sale can be found here. Insiders have sold 129,780,724 shares of company stock valued at $5,342,589,705 in the last 90 days. 0.29% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BAC shares. Keefe, Bruyette & Woods restated an “outperform” rating and set a $48.00 target price (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Barclays increased their price target on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Evercore ISI lifted their price objective on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Stock Performance

Shares of BAC stock opened at $40.27 on Friday. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company’s fifty day simple moving average is $39.98 and its 200-day simple moving average is $38.88. The firm has a market cap of $314.93 billion, a PE ratio of 13.93, a P/E/G ratio of 1.40 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.88 EPS. Equities research analysts expect that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders 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 2.58%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America 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.