Bank of America Co. (NYSE:BAC) Shares Sold by Auxier Asset Management

Auxier Asset Management reduced its position in Bank of America Co. (NYSE:BAC) by 1.5% during the second quarter, Holdings Channel.com reports. The firm owned 333,997 shares of the financial services provider’s stock after selling 5,182 shares during the quarter. Bank of America accounts for approximately 2.1% of Auxier Asset Management’s holdings, making the stock its 10th biggest position. Auxier Asset Management’s holdings in Bank of America were worth $13,283,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of BAC. Fairway Wealth LLC purchased a new stake in shares of Bank of America in the second quarter worth approximately $27,000. Delos Wealth Advisors LLC lifted its stake in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares in the last quarter. POM Investment Strategies LLC boosted its holdings in Bank of America by 839.0% during the 2nd 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 during the last quarter. Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America in the 2nd quarter worth $30,000. Finally, Livelsberger Financial Advisory bought a new position in shares of Bank of America during the fourth quarter valued at about $28,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on BAC shares. Piper Sandler raised shares of 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. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Barclays upped their price objective on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $48.00 target price (up from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Finally, Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $42.22.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the 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 transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 129,780,724 shares of company stock valued at $5,342,589,705. Insiders own 0.29% of the company’s stock.

Bank of America Trading Down 1.4 %

Shares of Bank of America stock opened at $40.28 on Friday. The company’s 50-day moving average price is $39.98 and its 200-day moving average price is $38.86. 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 company has a market cap of $315.00 billion, a price-to-earnings ratio of 13.94, a PEG ratio of 1.40 and a beta of 1.33. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $25.22 billion. During the same period in the prior year, the company earned $0.88 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities analysts expect that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

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

Bank of America announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is 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.