Insider Selling: Bank of America Co. (NYSE:BAC) Major Shareholder Sells $68,114,452.62 in Stock

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $39.57, for a total value of $68,114,452.62. Following the completion of the sale, the insider now directly owns 861,175,131 shares of the company’s stock, valued at $34,076,699,933.67. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Thursday, September 5th, Berkshire Hathaway Inc sold 5,031,014 shares of Bank of America stock. The stock was sold at an average price of $40.28, for a total value of $202,649,243.92.
• On Tuesday, September 3rd, Berkshire Hathaway Inc sold 8,031,639 shares of Bank of America stock. The stock was sold at an average price of $40.66, for a total transaction of $326,566,441.74.
• On Friday, August 30th, Berkshire Hathaway Inc sold 7,938,699 shares of Bank of America stock. The stock was sold at an average price of $40.61, for a total transaction of $322,390,566.39.
• On Wednesday, August 28th, Berkshire Hathaway Inc sold 7,081,075 shares of Bank of America stock. The shares were sold at an average price of $39.95, for a total transaction of $282,888,946.25.
• On Monday, August 26th, Berkshire Hathaway Inc sold 10,975,008 shares of Bank of America stock. The stock was sold at an average price of $39.87, for a total value of $437,573,568.96.
• On Friday, August 23rd, Berkshire Hathaway Inc sold 6,754,272 shares of Bank of America stock. The stock was sold at an average price of $39.79, for a total value of $268,752,482.88.
• On Monday, August 19th, Berkshire Hathaway Inc sold 5,035,018 shares of Bank of America stock. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70.
• On Thursday, August 15th, Berkshire Hathaway Inc sold 5,183,829 shares of Bank of America stock. The shares were sold at an average price of $39.31, for a total transaction of $203,776,317.99.
• On Wednesday, July 31st, Berkshire Hathaway Inc sold 6,993,520 shares of Bank of America stock. The stock was sold at an average price of $40.63, for a total transaction of $284,146,717.60.
• On Monday, July 29th, Berkshire Hathaway Inc sold 5,264,601 shares of Bank of America stock. The shares were sold at an average price of $41.20, for a total value of $216,901,561.20.

Bank of America Price Performance

BAC opened at $38.78 on Friday. The company has a 50 day moving average of $40.17 and a two-hundred day moving average of $38.64. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market cap of $303.27 billion, a P/E ratio of 13.42, a P/E/G ratio of 1.39 and a beta of 1.33.

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 for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company earned $0.88 EPS. On average, analysts expect that Bank of America Co. will post 3.28 earnings per share for the current 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 given a dividend of $0.26 per share. The ex-dividend date of this dividend 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 annualized dividend and a yield of 2.68%. Bank of America’s payout ratio is 35.99%.

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

Institutional Trading of Bank of America

Hedge funds have 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 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares in the last quarter. Fairway Wealth LLC acquired a new position in shares of Bank of America in the second quarter worth about $27,000. Livelsberger Financial Advisory purchased a new position in Bank of America in the fourth quarter valued at about $28,000. POM Investment Strategies LLC grew its stake in Bank of America by 839.0% during 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 in the last quarter. Finally, Bbjs Financial Advisors LLC purchased a new stake in Bank of America during the 2nd quarter worth approximately $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on BAC shares. Jefferies Financial Group upped their price objective on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Royal Bank of Canada raised their price target on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Barclays upped their price objective on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Cfra reissued a “sell” rating and set a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. One equities research 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. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average 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.