Ariadne Wealth Management LP Buys Shares of 8,522 Bank of America Co. (NYSE:BAC)

Ariadne Wealth Management LP bought a new stake in Bank of America Co. (NYSE:BAC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 8,522 shares of the financial services provider’s stock, valued at approximately $339,000.

Other institutional investors also recently made changes to their positions in the company. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at approximately $27,000. Delos Wealth Advisors LLC increased its position 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 worth $26,000 after buying an additional 547 shares during the period. POM Investment Strategies LLC increased its position in 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 period. Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the second quarter worth $30,000. Finally, Livelsberger Financial Advisory acquired a new stake in Bank of America in the fourth quarter worth $28,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE:BAC opened at $39.68 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $310.31 billion, a PE ratio of 13.73, a PEG ratio of 1.37 and a beta of 1.33. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The business’s 50 day moving average is $39.56 and its 200-day moving average is $39.07.

Bank of America (NYSE:BAC) last posted its 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 business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. Bank of America’s revenue was up .7% on a year-over-year basis. During the same quarter last year, the company earned $0.88 EPS. Sell-side analysts predict that Bank of America Co. will post 3.28 earnings per share for the current year.

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

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a $0.26 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.62%. Bank of America’s payout ratio is presently 35.99%.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of Bank of America 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 140,942,405 shares of company stock worth $5,785,202,516. 0.29% of the stock is currently owned by insiders.

Analyst Ratings Changes

BAC has been the subject of several recent analyst reports. Piper Sandler raised 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 note on Tuesday, July 9th. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Royal Bank of Canada raised their target price on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Jefferies Financial Group raised their target price on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Finally, Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.12.

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.