Northeast Financial Consultants Inc Sells 65,442 Shares of Bank of America Co. (NYSE:BAC)

Northeast Financial Consultants Inc lessened its position in Bank of America Co. (NYSE:BAC) by 14.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 394,381 shares of the financial services provider’s stock after selling 65,442 shares during the period. Bank of America comprises about 0.7% of Northeast Financial Consultants Inc’s portfolio, making the stock its 25th largest holding. Northeast Financial Consultants Inc’s holdings in Bank of America were worth $15,685,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of BAC. Silver Lake Advisory LLC increased its position in Bank of America by 6.2% during the second quarter. Silver Lake Advisory LLC now owns 13,079 shares of the financial services provider’s stock worth $520,000 after buying an additional 759 shares during the last quarter. Magnolia Capital Advisors LLC bought a new position in shares of Bank of America during the 2nd quarter worth approximately $743,000. Copperwynd Financial LLC increased its holdings in shares of Bank of America by 5.2% during the 2nd quarter. Copperwynd Financial LLC now owns 19,274 shares of the financial services provider’s stock worth $777,000 after acquiring an additional 945 shares during the last quarter. Doheny Asset Management CA raised its stake in Bank of America by 785.9% in the 2nd quarter. Doheny Asset Management CA now owns 58,910 shares of the financial services provider’s stock valued at $2,343,000 after acquiring an additional 52,260 shares during the period. Finally, Ascent Group LLC lifted its holdings in Bank of America by 4.2% during the 2nd quarter. Ascent Group LLC now owns 111,551 shares of the financial services provider’s stock valued at $4,436,000 after purchasing an additional 4,494 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on BAC shares. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, September 3rd. Morgan Stanley raised their price objective on shares of Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Evercore ISI increased their target price on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Finally, Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. One investment 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $42.22.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the sale, the insider now 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 SEC, which is accessible through this link. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the transaction, the insider now directly owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. The disclosure for this sale can be found here. Insiders sold a total of 140,942,405 shares of company stock worth $5,785,202,516 in the last three months. 0.29% of the stock is owned by corporate insiders.

Bank of America Stock Down 0.3 %

Shares of BAC opened at $39.40 on Friday. The firm has a 50 day simple moving average of $39.62 and a two-hundred day simple moving average of $39.02. 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 company has a market cap of $308.12 billion, a P/E ratio of 13.63, a P/E/G ratio of 1.37 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share 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 business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same period in the prior year, the company earned $0.88 EPS. Bank of America’s revenue for the quarter was up .7% on a year-over-year basis. Research analysts forecast that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.64%. Bank of America’s payout ratio is 35.99%.

Bank of America declared that its Board of Directors has initiated a stock buyback program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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.