Bank of America Co. (NYSE:BAC) Shares Sold by Prio Wealth Limited Partnership

Prio Wealth Limited Partnership cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 8.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,366,705 shares of the financial services provider’s stock after selling 126,251 shares during the period. Bank of America makes up approximately 1.6% of Prio Wealth Limited Partnership’s holdings, making the stock its 14th biggest position. Prio Wealth Limited Partnership’s holdings in Bank of America were worth $54,354,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Delos Wealth Advisors LLC lifted 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 last quarter. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the second quarter valued at $27,000. Livelsberger Financial Advisory acquired a new position in shares of Bank of America in the 4th quarter valued at $28,000. POM Investment Strategies LLC increased its stake in Bank of America by 839.0% in 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. Finally, Bbjs Financial Advisors LLC acquired a new stake in Bank of America during the 2nd quarter worth about $30,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 1.1 %

BAC stock opened at $39.23 on Wednesday. The firm has a market cap of $306.79 billion, a PE ratio of 13.57, 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 company has a fifty day simple moving average of $39.50 and a 200 day simple moving average of $39.09. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

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 for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the previous year, the firm earned $0.88 earnings per share. The business’s quarterly revenue was up .7% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.65%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s payout ratio is presently 35.99%.

Bank of America declared that its board has approved a stock 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 shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now 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 is accessible through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The disclosure for this sale can be found here. In the last three months, insiders sold 140,942,405 shares of company stock valued at $5,785,202,516. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BAC shares. Morgan Stanley dropped their target price on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Monday. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Royal Bank of Canada increased their target price on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Jefferies Financial Group increased their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $42.12.

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.