Profund Advisors LLC Has $4.06 Million Holdings in Bank of America Co. (NYSE:BAC)

Profund Advisors LLC decreased its position in Bank of America Co. (NYSE:BAC) by 4.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 101,954 shares of the financial services provider’s stock after selling 4,720 shares during the quarter. Profund Advisors LLC’s holdings in Bank of America were worth $4,055,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. Delos Wealth Advisors LLC grew its holdings 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 in the last quarter. Fairway Wealth LLC acquired a new position in shares of Bank of America in the second quarter valued at about $27,000. Livelsberger Financial Advisory bought a new position in Bank of America during the fourth quarter worth about $28,000. POM Investment Strategies LLC raised its stake in Bank of America by 839.0% in the 2nd 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 in the last quarter. Finally, Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $30,000. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Tuesday, September 3rd. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Barclays boosted their price target 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. Finally, BMO Capital Markets increased their price objective on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. 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 company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Price Performance

Bank of America stock opened at $40.27 on Friday. The stock has a 50-day moving average price of $39.98 and a two-hundred day moving average price of $38.88. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a market capitalization of $314.93 billion, a PE ratio of 13.93, a P/E/G ratio of 1.40 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. During the same quarter last year, the business earned $0.88 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. 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 disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.58%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America announced that its board has approved a stock repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of 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 SEC, which is available at this link. In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction on Wednesday, July 17th. The stock was 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 of the company’s stock, valued at approximately $44,958,509,063.91. The disclosure for this sale can be found here. Insiders sold a total of 129,780,724 shares of company stock valued at $5,342,589,705 in the last three months. Insiders own 0.29% of the company’s stock.

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.