Bank of America Co. (NYSE:BAC) Shares Sold by Meeder Asset Management Inc.

Meeder Asset Management Inc. cut its stake in shares of Bank of America Co. (NYSE:BAC) by 91.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,784 shares of the financial services provider’s stock after selling 19,163 shares during the quarter. Meeder Asset Management Inc.’s holdings in Bank of America were worth $71,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Barometer Capital Management Inc. purchased a new position in Bank of America in the fourth quarter worth $2,175,000. IMA Wealth Inc. purchased a new position in Bank of America in the first quarter worth $1,453,000. Johnson Financial Group Inc. increased its position in shares of Bank of America by 149.9% in the fourth quarter. Johnson Financial Group Inc. now owns 21,247 shares of the financial services provider’s stock valued at $715,000 after buying an additional 12,744 shares in the last quarter. Parnassus Investments LLC increased its position in shares of Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after buying an additional 2,935,040 shares in the last quarter. Finally, Brevan Howard Capital Management LP purchased a new position in shares of Bank of America in the fourth quarter valued at $3,601,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

NYSE BAC opened at $38.65 on Friday. The firm has a market capitalization of $299.91 billion, a P/E ratio of 13.37, a P/E/G ratio of 1.40 and a beta of 1.33. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The business’s 50-day simple moving average is $40.14 and its 200-day simple moving average is $38.70.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to analyst estimates 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 was up .7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.88 EPS. Equities analysts predict that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America announced that its board has initiated a stock repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

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 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 2.69%. Bank of America’s payout ratio is 35.99%.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the transaction, the insider now directly owns 861,175,131 shares of the company’s stock, valued at approximately $34,076,699,933.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $39.57, for a total value of $68,114,452.62. Following the sale, the insider now owns 861,175,131 shares in the company, valued at $34,076,699,933.67. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 114,391,986 shares of company stock valued at $4,719,796,383. Corporate insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Evercore ISI raised their price target on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Piper Sandler upgraded 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. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Finally, Morgan Stanley lifted their price objective on Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America 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.