Bank of America Co. (NYSE:BAC) Shares Sold by Intact Investment Management Inc.

Intact Investment Management Inc. decreased its position in shares of Bank of America Co. (NYSE:BAC) by 48.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 182,700 shares of the financial services provider’s stock after selling 173,000 shares during the quarter. Intact Investment Management Inc.’s holdings in Bank of America were worth $7,266,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Americana Partners LLC lifted its holdings in Bank of America by 5.0% in the second quarter. Americana Partners LLC now owns 123,421 shares of the financial services provider’s stock valued at $4,908,000 after acquiring an additional 5,869 shares during the period. Morton Brown Family Wealth LLC increased its position in shares of Bank of America by 3.9% in the second quarter. Morton Brown Family Wealth LLC now owns 12,197 shares of the financial services provider’s stock valued at $525,000 after buying an additional 456 shares in the last quarter. Integrity Financial Corp WA increased its position in shares of Bank of America by 17.5% in the second quarter. Integrity Financial Corp WA now owns 14,635 shares of the financial services provider’s stock valued at $582,000 after buying an additional 2,178 shares in the last quarter. Foster Group Inc. increased its position in shares of Bank of America by 13.4% in the second quarter. Foster Group Inc. now owns 10,184 shares of the financial services provider’s stock valued at $405,000 after buying an additional 1,207 shares in the last quarter. Finally, Mezzasalma Advisors LLC increased its position in shares of Bank of America by 23.2% in the second quarter. Mezzasalma Advisors LLC now owns 8,504 shares of the financial services provider’s stock valued at $338,000 after buying an additional 1,602 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $48.00 price objective (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Barclays boosted their price target on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Finally, Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. One equities 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.07.

Bank of America Price Performance

BAC opened at $40.75 on Friday. The stock’s 50-day moving average price is $40.23 and its 200 day moving average price is $38.26. 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 Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The firm has a market cap of $316.20 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 1.46 and a beta of 1.35.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping 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 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 business earned $0.88 EPS. Bank of America’s revenue was up .7% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America Co. will post 3.28 earnings per share 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. Shareholders of record on Friday, September 6th will be issued a dividend of $0.26 per share. 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. This represents a $1.04 annualized dividend and a yield of 2.55%. Bank of America’s dividend payout ratio is 33.22%.

Bank of America declared that its board has initiated 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 buy up to 7.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction dated Friday, July 19th. The stock was 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 approximately $43,085,191,337.27. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The disclosure for this sale can be found here. Insiders have sold a total of 99,609,567 shares of company stock worth $4,122,483,669 in the last quarter. 0.29% of the stock is owned by company insiders.

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.