Bank of America Co. (NYSE:BAC) Shares Acquired by RW Investment Management LLC

RW Investment Management LLC boosted its stake in Bank of America Co. (NYSE:BAC) by 1.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,087 shares of the financial services provider’s stock after acquiring an additional 364 shares during the period. RW Investment Management LLC’s holdings in Bank of America were worth $799,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Bank of America by 5.9% in 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 purchasing an additional 36,124,363 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in Bank of America by 360.9% in the fourth 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 buying an additional 29,198,846 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings 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 buying an additional 9,879,524 shares during the last quarter. AMF Tjanstepension AB raised its position in shares of 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 valued at $370,948,000 after acquiring an additional 8,447,091 shares in the last quarter. Finally, Swedbank AB bought a new position in Bank of America during the first quarter worth $261,923,000. 70.71% of the stock is currently owned by institutional investors.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the sale, the insider now directly owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Lindsay D. Hans sold 10,901 shares of the 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 transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The disclosure for this sale can be found here. In the last quarter, insiders sold 129,780,724 shares of company stock worth $5,342,589,705. Corporate insiders own 0.29% of the company’s stock.

Bank of America Price Performance

NYSE BAC 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 firm has a market capitalization 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’s 50 day simple moving average is $39.98 and its 200 day simple moving average is $38.88. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

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

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

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued 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 is Friday, September 6th. Bank of America’s dividend payout ratio is presently 35.99%.

Analyst Ratings Changes

A number of brokerages have weighed in on BAC. Evercore ISI increased their target price on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. BMO Capital Markets lifted their target price on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $42.22.

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.