Main Street Financial Solutions LLC Sells 547 Shares of Bank of America Co. (NYSE:BAC)

Main Street Financial Solutions LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 1.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,033 shares of the financial services provider’s stock after selling 547 shares during the period. Main Street Financial Solutions LLC’s holdings in Bank of America were worth $1,353,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Barometer Capital Management Inc. acquired a new position in shares of Bank of America in the fourth quarter worth approximately $2,175,000. IMA Wealth Inc. acquired a new position in shares of Bank of America in the first quarter worth approximately $1,453,000. Johnson Financial Group Inc. lifted its stake in shares of Bank of America by 149.9% in the fourth quarter. Johnson Financial Group Inc. now owns 21,247 shares of the financial services provider’s stock worth $715,000 after acquiring an additional 12,744 shares during the period. Parnassus Investments LLC lifted its stake in shares of Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock worth $1,363,928,000 after acquiring an additional 2,935,040 shares during the period. Finally, Brevan Howard Capital Management LP acquired a new position in shares of Bank of America in the fourth quarter worth approximately $3,601,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 0.6 %

Shares of Bank of America stock opened at $38.78 on Friday. The stock has a fifty day simple moving average of $40.17 and a 200 day simple moving average of $38.64. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The company has a market capitalization of $300.92 billion, a P/E ratio of 13.42, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. 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 (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, 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 business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter in the prior year, the company posted $0.88 earnings per share. Bank of America’s revenue was up .7% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.68%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is 35.99%.

Bank of America declared that its board has authorized a stock repurchase 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 reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts recently commented on BAC shares. Barclays lifted their price objective on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Royal Bank of Canada boosted their price target on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Piper Sandler Companies raised 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 note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Tuesday, September 3rd. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Insider Buying and Selling

In other Bank of America news, 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 completion of the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of America news, 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 completion of the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The shares were 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 owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 114,391,986 shares of company stock worth $4,719,796,383. 0.29% of the stock is owned by corporate 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.