ProShare Advisors LLC Purchases 35,450 Shares of Bank of America Co. (NYSE:BAC)

ProShare Advisors LLC grew its position in Bank of America Co. (NYSE:BAC) by 2.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,412,331 shares of the financial services provider’s stock after purchasing an additional 35,450 shares during the period. ProShare Advisors LLC’s holdings in Bank of America were worth $56,168,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Fairway Wealth LLC bought a new stake in shares of Bank of America in the second quarter valued at about $27,000. Delos Wealth Advisors LLC raised its holdings in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares in the last quarter. POM Investment Strategies LLC raised its holdings in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC bought a new stake in Bank of America during the second quarter worth about $30,000. Finally, Livelsberger Financial Advisory bought a new stake in Bank of America during the fourth quarter worth about $28,000. 70.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the sale, the insider now directly owns 835,908,435 shares in the company, valued at $34,088,345,979.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction on 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 transaction, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80. Following the completion of the transaction, the insider now owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. The disclosure for this sale can be found here. Insiders sold 129,780,724 shares of company stock worth $5,342,589,705 over the last three months. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several analyst reports. Royal Bank of Canada upped their target price on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Barclays upped their target price on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Cfra reiterated a “sell” rating and set a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” 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 assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

Bank of America Trading Down 1.5 %

Shares of NYSE:BAC opened at $40.27 on Monday. The company has a market capitalization 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 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 $39.98 and its 200 day simple moving average is $38.91.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.88 earnings per share. On average, research analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

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

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.