Bank of America Co. (NYSE:BAC) Shares Bought by JB Capital LLC

JB Capital LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 4.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,030 shares of the financial services provider’s stock after buying an additional 484 shares during the period. JB Capital LLC’s holdings in Bank of America were worth $478,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of BAC. Delos Wealth Advisors LLC lifted its stake in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the last quarter. Livelsberger Financial Advisory purchased a new stake in Bank of America during the 4th quarter worth about $28,000. Bbjs Financial Advisors LLC purchased a new stake in Bank of America during the 2nd quarter worth about $30,000. Northwest Investment Counselors LLC purchased a new stake in Bank of America during the 1st quarter worth about $33,000. Finally, Clearstead Trust LLC increased its holdings in Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 834 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the sale, the insider now directly owns 928,460,939 shares in the company, valued at $36,813,476,231.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $39.65, for a total value of $199,638,463.70. Following the completion of the transaction, the insider now directly owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on 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 transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,768,513 shares of company stock worth $2,807,216,504. 0.29% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BAC. Barclays upped their price target on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Jefferies Financial Group raised their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 target price (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Finally, Evercore ISI raised their target price on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.07.

Bank of America Price Performance

Shares of Bank of America stock traded up $0.53 during trading on Friday, reaching $39.77. The company’s stock had a trading volume of 45,616,647 shares, compared to its average volume of 39,208,762. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The company has a market capitalization of $311.02 billion, a P/E ratio of 13.76, a price-to-earnings-growth ratio of 1.41 and a beta of 1.35. The business has a 50 day moving average price of $40.20 and a 200-day moving average price of $38.02.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. Bank of America’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.88 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

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

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.62%. 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. Bank of America’s payout ratio is presently 35.99%.

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.