Bank of America (NYSE:BAC) Trading Up 0.1%

Shares of Bank of America Co. (NYSE:BAC) shot up 0.1% on Monday . The stock traded as high as $40.20 and last traded at $39.79. 7,602,042 shares changed hands during trading, a decline of 81% from the average session volume of 39,016,020 shares. The stock had previously closed at $39.77.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Oppenheimer increased their price objective on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. Royal Bank of Canada raised their price objective on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Jefferies Financial Group upped their target price on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Evercore ISI increased their price objective on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.07.

Bank of America Trading Up 0.7 %

The firm has a market cap of $312.42 billion, a PE ratio of 13.82, a PEG ratio of 1.41 and a beta of 1.35. The business has a 50-day moving average price of $40.20 and a two-hundred day moving average price of $38.19. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

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

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.60%. This is a boost 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 35.99%.

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

Insider Buying and Selling

In other 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 shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s 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 sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction 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 approximately $44,958,509,063.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,497,793 shares of company stock worth $3,513,542,556. 0.29% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bank of America

A number of institutional investors have recently bought and sold shares of BAC. Delos Wealth Advisors LLC increased 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 acquiring an additional 547 shares during the last quarter. Fairway Wealth LLC acquired a new position in Bank of America during the second quarter valued at approximately $27,000. Livelsberger Financial Advisory purchased a new stake in Bank of America during the fourth quarter worth approximately $28,000. POM Investment Strategies LLC increased 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 acquiring an additional 646 shares in the last quarter. Finally, Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America in the 2nd quarter valued at $30,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

About Bank of America

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.