Lazari Capital Management Inc. Boosts Position in Bank of America Co. (NYSE:BAC)

Lazari Capital Management Inc. raised its position in Bank of America Co. (NYSE:BAC) by 1.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 104,700 shares of the financial services provider’s stock after acquiring an additional 1,368 shares during the quarter. Bank of America makes up 1.9% of Lazari Capital Management Inc.’s portfolio, making the stock its 11th biggest holding. Lazari Capital Management Inc.’s holdings in Bank of America were worth $4,164,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Delos Wealth Advisors LLC grew its position 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 valued at $26,000 after acquiring an additional 547 shares during the period. Fairway Wealth LLC bought a new stake in Bank of America during the second quarter valued at about $27,000. Livelsberger Financial Advisory bought a new stake in Bank of America during the fourth quarter valued at about $28,000. POM Investment Strategies LLC raised its stake in shares of 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. Finally, Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at about $30,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $39.23 on Wednesday. The firm has a fifty day simple moving average of $39.50 and a two-hundred day simple moving average of $39.09. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $306.79 billion, a P/E ratio of 13.57, a PEG ratio of 1.37 and a beta of 1.33.

Bank of America (NYSE:BAC) last released 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 company had revenue of $25.38 billion during the quarter, compared to analyst estimates 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 was up .7% on a year-over-year basis. During the same quarter last year, the business posted $0.88 earnings per share. On average, analysts expect that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.65%. The ex-dividend date was Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America announced that its Board of Directors has initiated a share repurchase 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 buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Morgan Stanley reduced their target price on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Monday. Evercore ISI increased 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. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $48.00 target price (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Royal Bank of Canada upped their price objective on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $42.12.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction 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 owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s 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 transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The disclosure for this sale can be found here. Insiders sold 140,942,405 shares of company stock valued at $5,785,202,516 over the last three months. 0.29% of the stock is owned by company insiders.

About Bank of America

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.