Mathes Company Inc. Sells 3,000 Shares of Bank of America Co. (NYSE:BAC)

Mathes Company Inc. lowered its stake in Bank of America Co. (NYSE:BAC) by 7.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,900 shares of the financial services provider’s stock after selling 3,000 shares during the quarter. Mathes Company Inc.’s holdings in Bank of America were worth $1,468,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Barometer Capital Management Inc. bought a new position in shares of Bank of America in the fourth quarter worth about $2,175,000. IMA Wealth Inc. acquired a new position in shares of Bank of America in the first quarter valued at approximately $1,453,000. Johnson Financial Group Inc. increased its stake 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 during the period. Parnassus Investments LLC increased its stake 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 during the period. Finally, Brevan Howard Capital Management LP acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $3,601,000. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock in a transaction 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 sale, the insider now directly owns 861,175,131 shares in the company, valued at approximately $34,076,699,933.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock in a transaction dated 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 completion of the sale, the insider now owns 861,175,131 shares of the company’s stock, valued at approximately $34,076,699,933.67. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated 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 sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The disclosure for this sale can be found here. Insiders have sold 114,391,986 shares of company stock worth $4,719,796,383 in the last ninety days. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several recent research reports. Barclays upped their price objective on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 target price (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Cfra reissued a “sell” rating and set a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. Morgan Stanley increased their target price on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, Evercore ISI increased their target price on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.22.

Bank of America Price Performance

Shares of NYSE:BAC opened at $39.64 on Thursday. 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 stock’s fifty day simple moving average is $40.03 and its two-hundred day simple moving average is $38.81. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The stock has a market cap of $309.96 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.88 EPS. As a group, analysts forecast that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a stock repurchase program 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 programs are often an indication that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.62%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s payout ratio is presently 35.99%.

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.