Bank of America Co. (NYSE:BAC) Shares Sold by tru Independence LLC

tru Independence LLC lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 1.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 204,224 shares of the financial services provider’s stock after selling 3,530 shares during the period. Bank of America comprises 2.5% of tru Independence LLC’s portfolio, making the stock its 6th largest holding. tru Independence LLC’s holdings in Bank of America were worth $8,122,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Barometer Capital Management Inc. acquired a new stake in Bank of America during the 4th quarter valued at $2,175,000. IMA Wealth Inc. acquired a new stake in Bank of America during the first quarter worth about $1,453,000. Johnson Financial Group Inc. lifted its stake in shares of Bank of America by 149.9% in the 4th quarter. Johnson Financial Group Inc. now owns 21,247 shares of the financial services provider’s stock valued at $715,000 after purchasing an additional 12,744 shares in the last quarter. Parnassus Investments LLC lifted its position in Bank of America by 7.8% during the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after buying an additional 2,935,040 shares in the last quarter. Finally, Vise Technologies Inc. grew its stake in Bank of America by 12.0% during the fourth quarter. Vise Technologies Inc. now owns 59,764 shares of the financial services provider’s stock worth $2,012,000 after buying an additional 6,416 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction on 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 of the company’s stock, valued at approximately $43,085,191,337.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction dated 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 transaction, the insider now 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 SEC, which can be accessed through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, 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 90 days, insiders have sold 112,670,620 shares of company stock worth $4,651,681,930. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

BAC has been the topic of several recent research reports. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Morgan Stanley upped their target price on Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Royal Bank of Canada raised their target price on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $48.00 price objective (up previously from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $42.22.

Bank of America Stock Performance

Bank of America stock opened at $38.76 on Friday. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a fifty day moving average price of $40.30 and a two-hundred day moving average price of $38.52. 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 company has a market cap of $303.12 billion, a PE ratio of 13.41, a P/E/G ratio of 1.46 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $25.38 billion during the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted $0.88 EPS. Research analysts expect that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually 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 $0.26 dividend. 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. This represents a $1.04 annualized dividend and a yield of 2.68%. Bank of America’s dividend payout ratio is 35.99%.

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.