Bank of America Co. (NYSE:BAC) Shares Acquired by Lansing Street Advisors

Lansing Street Advisors lifted its stake in Bank of America Co. (NYSE:BAC) by 2.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,066 shares of the financial services provider’s stock after purchasing an additional 456 shares during the period. Lansing Street Advisors’ holdings in Bank of America were worth $917,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Delos Wealth Advisors LLC increased its stake in 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 in the last quarter. 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 valued at $29,000 after buying an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the 2nd quarter worth $30,000. Livelsberger Financial Advisory purchased a new stake in shares of Bank of America in the 4th quarter worth about $28,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America in the 1st quarter valued at about $33,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 0.7 %

Shares of NYSE:BAC opened at $39.00 on Thursday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $304.99 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 1.39 and a beta of 1.33. The company’s fifty day simple moving average is $40.22 and its 200 day simple moving average is $38.64. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $25.22 billion. During the same quarter in the prior year, the business posted $0.88 EPS. The business’s revenue was up .7% compared to the same quarter last year. As a group, research analysts forecast that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date is Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Bank of America declared that its Board of Directors has initiated a stock buyback program 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 purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Cfra reaffirmed a “sell” rating and issued a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Royal Bank of Canada lifted their target price on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Barclays increased their price objective on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Evercore ISI raised their price objective on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.22.

Insiders Place Their Bets

In related news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction 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 in the company, valued at approximately $402,577.37. The sale was disclosed in a filing with the SEC, which is available through this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the 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 completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $39.57, for a total value of $68,114,452.62. Following the transaction, the insider now directly owns 861,175,131 shares in the company, valued at $34,076,699,933.67. The disclosure for this sale can be found here. Insiders have sold 114,391,986 shares of company stock worth $4,719,796,383 over the last ninety days. Corporate 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.