Bank of America (NYSE:BAC) Stock Price Up 0.4%

Bank of America Co. (NYSE:BAC) shot up 0.4% during mid-day trading on Monday . The stock traded as high as $39.59 and last traded at $39.57. 6,177,240 shares were traded during mid-day trading, a decline of 84% from the average session volume of 39,149,688 shares. The stock had previously closed at $39.40.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Royal Bank of Canada upped 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. Morgan Stanley decreased their price target on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Monday. Jefferies Financial Group increased their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Finally, StockNews.com upgraded shares of 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 issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $42.12.

Bank of America Trading Up 0.6 %

The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market cap of $309.92 billion, a P/E ratio of 13.74, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. The business’s fifty day simple moving average is $39.62 and its 200 day simple moving average is $39.04.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. Bank of America’s revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.88 earnings per share. As a group, analysts expect that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were paid a $0.26 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.62%. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America declared that its board 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 purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other 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 value of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction 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 completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares of the company’s stock, valued at $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 valued at $5,785,202,516 in the last ninety days. 0.29% of the stock is owned by insiders.

Institutional Trading of Bank of America

A number of institutional investors have recently modified their holdings of BAC. Delos Wealth Advisors LLC raised its position in 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 buying an additional 547 shares during the last quarter. Fairway Wealth LLC bought a new stake in shares of Bank of America in the second quarter worth $27,000. Livelsberger Financial Advisory bought a new stake in shares of Bank of America in the fourth quarter worth $28,000. POM Investment Strategies LLC boosted 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 purchasing an additional 646 shares during the last quarter. Finally, Bbjs Financial Advisors LLC bought a new position in Bank of America in the second quarter valued at $30,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Company 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.