Bank of America Co. (NYSE:BAC) Major Shareholder Berkshire Hathaway Inc Sells 3,915,126 Shares

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 3,915,126 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $39.52, for a total value of $154,725,779.52. Following the completion of the sale, the insider now directly owns 802,668,860 shares of the company’s stock, valued at $31,721,473,347.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Wednesday, September 25th, Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock. The shares were sold at an average price of $39.27, for a total value of $90,533,647.05.
• On Monday, September 23rd, Berkshire Hathaway Inc sold 4,941,403 shares of Bank of America stock. The stock was sold at an average price of $39.94, for a total value of $197,359,635.82.
• On Thursday, September 19th, Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80.
• On Tuesday, September 17th, Berkshire Hathaway Inc sold 3,966,178 shares of Bank of America stock. The shares were sold at an average price of $39.58, for a total value of $156,981,325.24.
• On Monday, September 9th, Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock. The stock was sold at an average price of $39.57, for a total value of $68,114,452.62.
• On Thursday, September 5th, Berkshire Hathaway Inc sold 5,031,014 shares of Bank of America stock. The stock was sold at an average price of $40.28, for a total value of $202,649,243.92.
• On Tuesday, September 3rd, Berkshire Hathaway Inc sold 8,031,639 shares of Bank of America stock. The shares were sold at an average price of $40.66, for a total value of $326,566,441.74.
• On Friday, August 30th, Berkshire Hathaway Inc sold 7,938,699 shares of Bank of America stock. The stock was sold at an average price of $40.61, for a total value of $322,390,566.39.
• On Wednesday, August 28th, Berkshire Hathaway Inc sold 7,081,075 shares of Bank of America stock. The stock was sold at an average price of $39.95, for a total value of $282,888,946.25.
• On Monday, August 26th, Berkshire Hathaway Inc sold 10,975,008 shares of Bank of America stock. The shares were sold at an average price of $39.87, for a total value of $437,573,568.96.

Bank of America Price Performance

Shares of NYSE:BAC traded down $0.13 during midday trading on Friday, hitting $39.39. The company had a trading volume of 27,848,772 shares, compared to its average volume of 39,325,918. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $308.04 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. The business’s 50-day simple moving average is $39.69 and its 200-day simple moving average is $38.97.

Bank of America (NYSE:BAC) last posted 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 firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 earnings per share. On average, research analysts predict that Bank of America Co. will post 3.28 earnings per share for the current year.

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

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.26 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.64%. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research reports. Evercore ISI lifted their price objective on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $48.00 target price (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $42.22.

Institutional Investors Weigh In On Bank of America

A number of institutional investors have recently modified their holdings of BAC. Delos Wealth Advisors LLC boosted its holdings 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 valued at $26,000 after purchasing an additional 547 shares during the period. Fairway Wealth LLC purchased a new position in Bank of America in the second quarter valued at $27,000. Livelsberger Financial Advisory purchased a new position in Bank of America in the fourth quarter valued at $28,000. POM Investment Strategies LLC boosted its holdings in 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 purchasing an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC purchased a new position in Bank of America in the second quarter valued at $30,000. 70.71% of the stock is owned by institutional investors and hedge funds.

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.