Vaughan David Investments LLC IL Has $639,000 Position in Bank of America Co. (NYSE:BAC)

Vaughan David Investments LLC IL lowered its holdings in Bank of America Co. (NYSE:BAC) by 11.1% during the second quarter, Holdings Channel.com reports. The firm owned 16,073 shares of the financial services provider’s stock after selling 2,011 shares during the period. Vaughan David Investments LLC IL’s holdings in Bank of America were worth $639,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Brio Consultants LLC acquired a new position in Bank of America in the fourth quarter worth $227,000. Gilbert & Cook Inc. lifted its stake in shares of Bank of America by 4.0% during the fourth quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock valued at $585,000 after acquiring an additional 662 shares during the period. Rollins Financial lifted its stake in shares of Bank of America by 12.5% during the fourth quarter. Rollins Financial now owns 441,919 shares of the financial services provider’s stock valued at $14,879,000 after acquiring an additional 48,998 shares during the period. Gryphon Financial Partners LLC lifted its stake in shares of Bank of America by 44.4% during the fourth quarter. Gryphon Financial Partners LLC now owns 11,664 shares of the financial services provider’s stock valued at $393,000 after acquiring an additional 3,585 shares during the period. Finally, Foundations Investment Advisors LLC lifted its stake in shares of Bank of America by 9.1% during the fourth quarter. Foundations Investment Advisors LLC now owns 63,242 shares of the financial services provider’s stock valued at $2,122,000 after acquiring an additional 5,252 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The disclosure for this sale can be found here. Over the last three months, 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 Stock Down 0.7 %

Shares of Bank of America stock opened at $39.00 on Thursday. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The business has a 50-day moving average of $40.22 and a two-hundred day moving average of $38.64. The company has a market capitalization of $304.99 billion, a P/E ratio of 13.49, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. 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 (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. 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 company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 earnings per share. As a group, equities analysts predict that Bank of America Co. will post 3.28 EPS for the current year.

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

Bank of America Increases Dividend

The company also recently disclosed 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 is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.67%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Royal Bank of Canada upped 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. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $48.00 price target (up previously from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. BMO Capital Markets upped their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Finally, Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. 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 company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

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.