Bank of America Co. (NYSE:BAC) Insider Sells $3,661,600.00 in Stock

Bank of America Co. (NYSE:BAC) insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was 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 in the company, valued at approximately $3,824,063.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Bank of America Trading Up 1.4 %

Shares of BAC stock opened at $40.75 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $318.68 billion, a P/E ratio of 14.10, a P/E/G ratio of 1.41 and a beta of 1.35. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The firm has a 50-day moving average price of $40.20 and a 200 day moving average price of $38.21.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $25.38 billion during 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 quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.88 earnings per share. Research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend is Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is presently 35.99%.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAC. Vanguard Group Inc. lifted its position in shares of Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after purchasing an additional 36,124,363 shares in the last quarter. Norges Bank acquired a new position in Bank of America during the 4th quarter worth $3,734,407,000. Price T Rowe Associates Inc. MD boosted its position in Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after buying an additional 9,879,524 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Bank of America by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after buying an additional 895,884 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Bank of America by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after acquiring an additional 1,315,056 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several research analyst reports. Morgan Stanley raised their price target 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. Piper Sandler 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. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Jefferies Financial Group boosted their price objective on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, Barclays raised their target price on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” 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, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.07.

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.