Fidelis Capital Partners LLC Buys 3,521 Shares of Bank of America Co. (NYSE:BAC)

Fidelis Capital Partners LLC raised its stake in shares of Bank of America Co. (NYSE:BAC) by 11.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,151 shares of the financial services provider’s stock after purchasing an additional 3,521 shares during the quarter. Fidelis Capital Partners LLC’s holdings in Bank of America were worth $1,274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Brio Consultants LLC purchased a new stake in Bank of America during the fourth quarter valued at about $227,000. Gilbert & Cook Inc. lifted its position in Bank of America by 4.0% in the 4th quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock worth $585,000 after buying an additional 662 shares during the last quarter. Rollins Financial boosted its stake in Bank of America by 12.5% in the fourth quarter. Rollins Financial now owns 441,919 shares of the financial services provider’s stock worth $14,879,000 after buying an additional 48,998 shares in the last quarter. Gryphon Financial Partners LLC grew its position in Bank of America by 44.4% during the fourth quarter. Gryphon Financial Partners LLC now owns 11,664 shares of the financial services provider’s stock valued at $393,000 after acquiring an additional 3,585 shares during the last quarter. Finally, Aigen Investment Management LP bought a new position in Bank of America during the fourth quarter valued at approximately $237,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Lindsay D. Hans sold 10,901 shares of the company’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 transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The disclosure for this sale can be found here. Insiders have sold 129,780,724 shares of company stock valued at $5,342,589,705 over the last quarter. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft raised shares of 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. Cfra restated a “sell” rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Finally, Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Stock Performance

Bank of America stock opened at $40.27 on Friday. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The stock’s 50 day simple moving average is $39.98 and its two-hundred day simple moving average is $38.88. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market cap of $314.93 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 1.40 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results 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 company 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 firm’s revenue was up .7% on a year-over-year basis. During the same period in the previous year, the company posted $0.88 earnings per share. As a group, analysts expect that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The firm 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. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is 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.