Bank of America Co. (NYSE:BAC) Shares Sold by ICA Group Wealth Management LLC

ICA Group Wealth Management LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 85.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,676 shares of the financial services provider’s stock after selling 21,956 shares during the quarter. ICA Group Wealth Management LLC’s holdings in Bank of America were worth $146,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Spectrum Wealth Counsel LLC lifted its holdings in shares of Bank of America by 24.4% in the second quarter. Spectrum Wealth Counsel LLC now owns 3,361 shares of the financial services provider’s stock valued at $134,000 after purchasing an additional 659 shares in the last quarter. Element Capital Management LLC purchased a new stake in Bank of America in the 2nd quarter valued at approximately $11,189,000. Diversify Wealth Management LLC acquired a new stake in Bank of America during the 2nd quarter valued at $2,028,000. Vista Capital Partners Inc. increased its position in Bank of America by 3.9% during the second quarter. Vista Capital Partners Inc. now owns 8,195 shares of the financial services provider’s stock worth $326,000 after buying an additional 309 shares in the last quarter. Finally, Williams Financial LLC acquired a new position in shares of Bank of America in the second quarter worth $2,158,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. BMO Capital Markets lifted their price objective on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, September 3rd. Finally, Morgan Stanley raised their price objective on Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $42.22.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s 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 sale, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other 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 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 legal filing with the SEC, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. The disclosure for this sale can be found here. Insiders have sold 114,391,986 shares of company stock worth $4,719,796,383 in the last ninety days. 0.29% of the stock is owned by insiders.

Bank of America Price Performance

Shares of NYSE BAC opened at $38.65 on Monday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The company has a market capitalization of $299.91 billion, a price-to-earnings ratio of 13.37, a PEG ratio of 1.40 and a beta of 1.33. The business has a 50-day moving average of $40.14 and a 200-day moving average of $38.74.

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. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the prior year, the business earned $0.88 EPS. Bank of America’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Co. will post 3.28 EPS 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 $0.26 dividend. The ex-dividend date of this dividend is Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.69%. Bank of America’s dividend payout ratio is currently 35.99%.

Bank of America declared that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

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.