Wealth Alliance Sells 506 Shares of Bank of America Co. (NYSE:BAC)

Wealth Alliance reduced its holdings in Bank of America Co. (NYSE:BAC) by 2.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 19,433 shares of the financial services provider’s stock after selling 506 shares during the quarter. Wealth Alliance’s holdings in Bank of America were worth $773,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in BAC. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 2nd quarter valued at approximately $27,000. Delos Wealth Advisors LLC lifted its stake in shares of 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 valued at $26,000 after purchasing an additional 547 shares during the period. POM Investment Strategies LLC lifted its stake in shares of Bank of America by 839.0% in 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 during the period. Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America in the 2nd quarter valued at approximately $30,000. Finally, Livelsberger Financial Advisory purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $28,000. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The disclosure for this sale can be found here. Over the last quarter, insiders sold 114,391,986 shares of company stock valued at $4,719,796,383. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. Royal Bank of Canada raised their target price 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. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Barclays lifted 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. Morgan Stanley lifted their price objective 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. Finally, Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.22.

Bank of America Stock Performance

Shares of BAC opened at $39.64 on Thursday. 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 Co. has a one year low of $24.96 and a one year high of $44.44. The firm has a market capitalization of $309.96 billion, a P/E ratio of 13.71, a PEG ratio of 1.40 and a beta of 1.33. The business has a fifty day moving average of $40.03 and a 200 day moving average of $38.81.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. During the same quarter in the previous year, the company posted $0.88 earnings per share. Bank of America’s revenue was up .7% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 buyback plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually 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. 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 2.62%. 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. Bank of America’s payout ratio is currently 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.