Duff & Phelps Investment Management Co. Has $628,000 Stock Position in Bank of America Co. (NYSE:BAC)

Duff & Phelps Investment Management Co. trimmed its holdings in Bank of America Co. (NYSE:BAC) by 80.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,783 shares of the financial services provider’s stock after selling 63,635 shares during the quarter. Duff & Phelps Investment Management Co.’s holdings in Bank of America were worth $628,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fairway Wealth LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at $27,000. Delos Wealth Advisors LLC boosted its stake in 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 worth $26,000 after purchasing an additional 547 shares in the last quarter. POM Investment Strategies LLC raised its holdings in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC acquired a new position in Bank of America during the 2nd quarter worth about $30,000. Finally, Livelsberger Financial Advisory bought a new stake in Bank of America during the 4th quarter worth about $28,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’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 sale, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’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 sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The disclosure for this sale can be found here. Over the last three months, insiders sold 140,942,405 shares of company stock worth $5,785,202,516. 0.29% of the stock is currently owned by insiders.

Bank of America Stock Performance

BAC opened at $39.40 on Monday. The firm has a market cap of $308.12 billion, a P/E ratio of 13.63, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The business’s fifty day moving average is $39.62 and its 200-day moving average is $39.04.

Bank of America (NYSE:BAC) last released its earnings results 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 firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the prior year, the company earned $0.88 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. Sell-side analysts expect 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 authorized a share repurchase program 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 purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently disclosed 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. This is an increase 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 dividend yield of 2.64%. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $48.00 price target (up previously from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Cfra reiterated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Morgan Stanley boosted their price objective on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. One 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

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.