Bank of America Co. (NYSE:BAC) Shares Sold by Denali Advisors LLC

Denali Advisors LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 5.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,100 shares of the financial services provider’s stock after selling 1,400 shares during the period. Denali Advisors LLC’s holdings in Bank of America were worth $1,038,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in BAC. Delos Wealth Advisors LLC increased its holdings 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 during the last quarter. Livelsberger Financial Advisory acquired a new stake in Bank of America in the 4th quarter valued at approximately $28,000. POM Investment Strategies LLC increased its holdings in Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the 2nd quarter valued at approximately $30,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America in the 1st quarter valued at approximately $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on BAC shares. Royal Bank of Canada lifted their target price on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Barclays raised their price target on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Jefferies Financial Group raised their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. One 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 company’s stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $42.22.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. Insiders have sold a total of 114,391,986 shares of company stock worth $4,719,796,383 over the last ninety days. 0.29% of the stock is currently owned by company insiders.

Bank of America Trading Up 1.2 %

NYSE BAC opened at $39.10 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $305.78 billion, a PE ratio of 13.53, a P/E/G ratio of 1.40 and a beta of 1.33. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The firm’s fifty day moving average is $40.11 and its two-hundred day moving average is $38.77.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. Bank of America’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the business posted $0.88 earnings per share. Analysts expect that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The firm 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 $0.26 dividend. The ex-dividend date is Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.66%. Bank of America’s payout ratio is currently 35.99%.

Bank of America announced that its board has approved a share repurchase 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 reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

About Bank of America

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.