Bank of America (NYSE:BAC) Trading Down 0.7% on Insider Selling

Bank of America Co. (NYSE:BAC) traded down 0.7% during trading on Tuesday following insider selling activity. The company traded as low as $39.54 and last traded at $39.58. 5,243,896 shares were traded during trading, a decline of 87% from the average session volume of 39,295,352 shares. The stock had previously closed at $39.87.

Specifically, major shareholder Berkshire Hathaway Inc sold 4,941,403 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $39.94, for a total value of $197,359,635.82. Following the transaction, the insider now owns 820,719,071 shares of the company’s stock, valued at $32,779,519,695.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80. Following the sale, the insider now owns 835,908,435 shares in the company, valued at $34,088,345,979.30. The disclosure for this sale can be found here. In related news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $39.58, for a total transaction of $156,981,325.24. Following the completion of the sale, the insider now owns 854,214,328 shares in the company, valued at $33,809,803,102.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on BAC shares. Morgan Stanley increased their target price on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Evercore ISI lifted their price objective on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Royal Bank of Canada boosted their price objective 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. Finally, Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Trading Up 0.7 %

The firm has a market cap of $309.06 billion, a price-to-earnings ratio of 13.63, a P/E/G ratio of 1.37 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The company’s 50 day simple moving average is $39.76 and its 200 day simple moving average is $38.97.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion during 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 quarter in the previous year, the business earned $0.88 earnings per share. As a group, research 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 company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid 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 is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.63%. Bank of America’s payout ratio is presently 35.99%.

Bank of America announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Bank of America

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fairway Wealth LLC acquired a new stake in Bank of America during the second quarter worth about $27,000. Delos Wealth Advisors LLC grew its position in 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 lifted its position 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 purchasing an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at $30,000. Finally, Livelsberger Financial Advisory purchased a new position in Bank of America in the fourth quarter valued at about $28,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.