Intech Investment Management LLC Sells 83,420 Shares of Bank of America Co. (NYSE:BAC)

Intech Investment Management LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC) by 29.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 199,105 shares of the financial services provider’s stock after selling 83,420 shares during the period. Intech Investment Management LLC’s holdings in Bank of America were worth $7,550,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Delos Wealth Advisors LLC raised its stake in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares during the period. Livelsberger Financial Advisory purchased a new position in shares of Bank of America during the 4th quarter valued at $28,000. Criterion Capital Advisors LLC bought a new position in Bank of America in the 4th quarter worth $32,000. Northwest Investment Counselors LLC purchased a new stake in Bank of America in the 1st quarter worth $33,000. Finally, Clearstead Trust LLC raised its holdings in Bank of America by 1,489.3% during the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 834 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’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 transaction, the insider now directly 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 Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 24,984,363 shares of company stock worth $1,089,448,152 in the last 90 days. 0.29% of the stock is owned by corporate insiders.

Bank of America Trading Down 0.3 %

Bank of America stock traded down $0.11 during midday trading on Friday, reaching $42.90. The stock had a trading volume of 43,902,967 shares, compared to its average volume of 37,118,136. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $335.49 billion, a price-to-earnings ratio of 14.84, a price-to-earnings-growth ratio of 1.63 and a beta of 1.35. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The company has a fifty day moving average of $40.12 and a 200 day moving average of $36.96.

Bank of America (NYSE:BAC) last posted 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. 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 during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the previous year, the business earned $0.88 EPS. Bank of America’s revenue was up .7% compared to the same quarter last year. On average, analysts anticipate that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

Wall Street Analyst Weigh In

BAC has been the subject of several research analyst reports. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. BMO Capital Markets lifted their price objective on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Morgan Stanley raised their target price on shares of Bank of America from $44.00 to $46.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Wells Fargo & Company boosted their price target on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $41.92.

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.