Bank of America Co. (NYSE:BAC) Shares Sold by First Dallas Securities Inc.

First Dallas Securities Inc. trimmed its stake in Bank of America Co. (NYSE:BAC) by 4.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,177 shares of the financial services provider’s stock after selling 2,679 shares during the period. First Dallas Securities Inc.’s holdings in Bank of America were worth $2,155,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Delos Wealth Advisors LLC boosted its position 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 period. POM Investment Strategies LLC grew its position in shares of Bank of America by 839.0% during 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 during the last quarter. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at $30,000. Livelsberger Financial Advisory purchased a new stake in Bank of America in the 4th quarter valued at $28,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America during the 1st quarter worth $33,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on BAC shares. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Morgan Stanley boosted their target price on Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Barclays boosted their price objective on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Price Performance

Shares of BAC stock traded down $0.15 during trading hours on Thursday, hitting $40.35. The company’s stock had a trading volume of 6,612,947 shares, compared to its average volume of 39,115,910. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The business has a fifty day moving average of $40.30 and a 200-day moving average of $38.45. The stock has a market cap of $315.55 billion, a price-to-earnings ratio of 13.98, a P/E/G ratio of 1.46 and a beta of 1.35.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.88 earnings per share. As a group, equities research analysts anticipate that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The company 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 dividend of $0.26 per share. The ex-dividend date is Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.58%. Bank of America’s payout ratio is 35.99%.

Bank of America announced that its Board of Directors has approved 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 stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction that occurred on 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 sale, the insider now directly owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The shares were 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The disclosure for this sale can be found here. Insiders sold a total of 99,607,967 shares of company stock valued at $4,122,466,245 over the last 90 days. Insiders own 0.29% of the company’s stock.

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.