Hamilton Wealth LLC Sells 2,077 Shares of Bank of America Co. (NYSE:BAC)

Hamilton Wealth LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 27.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,484 shares of the financial services provider’s stock after selling 2,077 shares during the quarter. Hamilton Wealth LLC’s holdings in Bank of America were worth $208,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in BAC. Norges Bank acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $3,734,407,000. Vanguard Group Inc. raised its holdings in Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after buying an additional 36,124,363 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Bank of America by 360.9% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after acquiring an additional 29,198,846 shares in the last quarter. Alphinity Investment Management Pty Ltd grew its stake in shares of Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after acquiring an additional 12,880,492 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after acquiring an additional 9,879,524 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 4.9 %

Shares of NYSE:BAC traded down $1.92 during midday trading on Friday, hitting $37.58. 76,727,990 shares of the stock were exchanged, compared to its average volume of 42,436,524. The stock has a market capitalization of $291.61 billion, a price-to-earnings ratio of 13.00, a P/E/G ratio of 1.41 and a beta of 1.35. 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 business’s 50-day moving average price is $40.49 and its 200 day moving average price is $37.46. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate 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 business had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the prior year, the business posted $0.88 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. Analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.77%. Bank of America’s dividend payout ratio is presently 33.22%.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’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 transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 56,538,765 shares of company stock worth $2,403,399,367 over the last ninety days. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a research note on Friday, April 19th. Royal Bank of Canada raised their target price on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Piper Sandler Companies raised shares of 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. Evercore ISI raised their target price on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Finally, Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.07.

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.