Bank of America Co. (NYSE:BAC) Shares Sold by IMS Capital Management

IMS Capital Management trimmed its position in Bank of America Co. (NYSE:BAC) by 1.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,485 shares of the financial services provider’s stock after selling 796 shares during the quarter. IMS Capital Management’s holdings in Bank of America were worth $1,721,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Fairway Wealth LLC acquired a new position in Bank of America in the 2nd quarter valued at about $27,000. Delos Wealth Advisors LLC increased its stake in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares in the last quarter. POM Investment Strategies LLC increased its position in Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America during the second quarter worth about $30,000. Finally, Livelsberger Financial Advisory acquired a new position in Bank of America in the 4th quarter valued at $28,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 3,915,126 shares of Bank of America stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $39.52, for a total transaction of $154,725,779.52. Following the transaction, the insider now owns 802,668,860 shares of the company’s stock, valued at approximately $31,721,473,347.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 3,915,126 shares of the stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $39.52, for a total transaction of $154,725,779.52. Following the completion of the sale, the insider now owns 802,668,860 shares in the company, valued at $31,721,473,347.20. 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. Insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $39.68 on Tuesday. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The firm’s fifty day moving average price is $39.56 and its two-hundred day moving average price is $39.07. 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 stock has a market cap 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 (NYSE:BAC) last announced 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. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the prior year, the company posted $0.88 EPS. The company’s revenue was up .7% on a year-over-year basis. On average, equities analysts expect that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has approved a share buyback program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, September 3rd. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Evercore ISI upped their price target on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Cfra reiterated a “sell” rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Finally, BMO Capital Markets lifted their price objective on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.