Hummer Financial Advisory Services Inc Sells 350 Shares of Bank of America Co. (NYSE:BAC)

Hummer Financial Advisory Services Inc lowered its position in shares of Bank of America Co. (NYSE:BAC) by 4.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,422 shares of the financial services provider’s stock after selling 350 shares during the period. Hummer Financial Advisory Services Inc’s holdings in Bank of America were worth $295,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Delos Wealth Advisors LLC raised its stake in Bank of America by 402.2% during the first 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 during the period. Livelsberger Financial Advisory purchased a new position in Bank of America in the fourth quarter valued at about $28,000. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America in the first quarter valued at about $33,000. Clearstead Trust LLC grew its holdings in shares of Bank of America by 1,489.3% during the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after buying an additional 834 shares in the last quarter. Finally, Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America in the fourth quarter worth approximately $32,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BAC has been the subject of several research analyst reports. Barclays boosted their target price on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $48.00 target price (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. JPMorgan Chase & Co. raised their target price on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Jefferies Financial Group lifted their price target on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Finally, Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, April 19th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.07.

Bank of America Price Performance

Shares of NYSE:BAC traded up $0.07 during midday trading on Friday, reaching $38.28. 26,411,232 shares of the company were exchanged, compared to its average volume of 39,617,418. The stock has a market cap of $299.36 billion, a PE ratio of 13.25, a price-to-earnings-growth ratio of 1.41 and a beta of 1.35. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The business’s fifty day moving average is $40.31 and its two-hundred day moving average is $37.68. 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 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 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 quarter last year, the firm earned $0.88 EPS. The business’s revenue for the quarter was up .7% on a year-over-year basis. As a group, analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.72%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. Bank of America’s dividend payout ratio is 35.99%.

Bank of America announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the transaction, the insider now directly 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 available at the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The disclosure for this sale can be found here. Insiders sold a total of 56,549,666 shares of company stock worth $2,403,801,723 in the last three months. 0.29% of the stock is owned by corporate insiders.

Bank of America 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.