Bank of America Co. (NYSE:BAC) Shares Sold by Financial Partners Group LLC

Financial Partners Group LLC cut its position in shares of Bank of America Co. (NYSE:BAC) by 2.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 50,475 shares of the financial services provider’s stock after selling 1,242 shares during the quarter. Financial Partners Group LLC’s holdings in Bank of America were worth $2,007,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Muirfield Wealth Advisors LLC grew its holdings in shares of Bank of America by 1.6% during the 2nd quarter. Muirfield Wealth Advisors LLC now owns 16,485 shares of the financial services provider’s stock worth $656,000 after purchasing an additional 254 shares in the last quarter. Thrive Wealth Management LLC boosted its holdings in shares of Bank of America by 2.5% in the 2nd quarter. Thrive Wealth Management LLC now owns 11,601 shares of the financial services provider’s stock valued at $461,000 after purchasing an additional 286 shares in the last quarter. Joel Isaacson & Co. LLC increased its stake in shares of Bank of America by 0.3% in the 1st quarter. Joel Isaacson & Co. LLC now owns 108,529 shares of the financial services provider’s stock valued at $4,115,000 after purchasing an additional 294 shares during the last quarter. Round Hill Asset Management grew its position in Bank of America by 2.2% during the 1st quarter. Round Hill Asset Management now owns 14,070 shares of the financial services provider’s stock worth $534,000 after acquiring an additional 297 shares during the last quarter. Finally, CKW Financial Group raised its position in Bank of America by 1.5% in the first quarter. CKW Financial Group now owns 20,069 shares of the financial services provider’s stock valued at $753,000 after purchasing an additional 300 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on BAC shares. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Morgan Stanley upped their price objective on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $48.00 target price (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Cfra restated a “sell” rating and set a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Finally, Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $42.07.

Insider Buying and Selling at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the sale, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. Insiders sold 56,549,666 shares of company stock worth $2,403,801,723 over the last 90 days. Company insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of BAC traded down $0.12 on Monday, reaching $38.17. The company’s stock had a trading volume of 33,029,441 shares, compared to its average volume of 39,573,695. The stock’s 50 day simple moving average is $40.27 and its two-hundred day simple moving average is $37.74. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. 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 stock has a market capitalization of $298.46 billion, a P/E ratio of 13.21, a PEG ratio of 1.41 and a beta of 1.35.

Bank of America (NYSE:BAC) last announced 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. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the previous year, the company earned $0.88 EPS. The business’s quarterly revenue was up .7% compared to the same quarter last year. Research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.73%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. Bank of America’s payout ratio is presently 35.99%.

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

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.