Bank of America Co. (NYSE:BAC) Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC decreased its position in Bank of America Co. (NYSE:BAC) by 7.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 19,833,297 shares of the financial services provider’s stock after selling 1,632,494 shares during the period. Bank of America makes up approximately 2.8% of Pzena Investment Management LLC’s holdings, making the stock its 14th biggest position. Pzena Investment Management LLC owned 0.26% of Bank of America worth $788,770,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Delos Wealth Advisors LLC lifted its holdings in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the period. Livelsberger Financial Advisory acquired a new stake in shares of Bank of America in the 4th quarter worth approximately $28,000. POM Investment Strategies LLC boosted its holdings 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 acquiring an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the second quarter valued at approximately $30,000. Finally, Northwest Investment Counselors LLC bought a new stake in Bank of America during the first quarter worth approximately $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Morgan Stanley increased their price target on Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Jefferies Financial Group raised their price objective 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. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $48.00 target price (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Finally, Royal Bank of Canada increased their target price on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Stock Down 0.1 %

Shares of Bank of America stock opened at $40.71 on Wednesday. The stock has a 50-day moving average price of $40.27 and a 200 day moving average price of $38.43. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market cap of $318.37 billion, a P/E ratio of 14.09, a P/E/G ratio of 1.46 and a beta of 1.35. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44.

Bank of America (NYSE:BAC) last posted 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. The company had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the business earned $0.88 EPS. As a group, analysts expect 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. Shareholders of record on Friday, September 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.55%. The ex-dividend date is Friday, September 6th. This is an increase 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 announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 7,938,699 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $40.61, for a total transaction of $322,390,566.39. Following the completion of the sale, the insider now directly owns 882,723,903 shares in the company, valued at $35,847,417,700.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 7,938,699 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $40.61, for a total transaction of $322,390,566.39. Following the transaction, the insider now directly owns 882,723,903 shares of the company’s stock, valued at $35,847,417,700.83. The disclosure for this sale can be found here. Insiders have sold a total of 99,609,567 shares of company stock valued at $4,122,483,669 over the last 90 days. 0.29% of the stock is currently owned by company 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.