DRW Securities LLC Acquires 81,047 Shares of Bank of America Co. (NYSE:BAC)

DRW Securities LLC raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 69.3% during the second quarter, HoldingsChannel reports. The fund owned 198,072 shares of the financial services provider’s stock after purchasing an additional 81,047 shares during the quarter. DRW Securities LLC’s holdings in Bank of America were worth $7,885,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in BAC. Delos Wealth Advisors LLC boosted its position in shares of Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the period. Fairway Wealth LLC purchased a new stake in Bank of America in the 2nd quarter worth approximately $27,000. Livelsberger Financial Advisory purchased a new stake in Bank of America in the 4th quarter worth approximately $28,000. POM Investment Strategies LLC boosted its holdings in 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. Finally, Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 1.5 %

BAC opened at $40.27 on Friday. The company has a market cap of $314.93 billion, a P/E ratio of 13.93, a P/E/G ratio of 1.40 and a beta of 1.33. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The business’s 50-day moving average price is $39.98 and its 200-day moving average price is $38.88. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

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 analysts’ consensus estimates 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 firm had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. During the same quarter in the prior year, the firm posted $0.88 earnings per share. The business’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities analysts expect that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be given a $0.26 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.58%. Bank of America’s payout ratio is presently 35.99%.

Bank of America announced that its board has authorized a stock buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent analyst reports. Cfra reiterated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. Barclays raised their price target on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $48.00 price objective (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $42.22.

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the sale, the insider now directly owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 129,780,724 shares of company stock worth $5,342,589,705. 0.29% of the stock is currently owned by company insiders.

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.