Bank of America Co. (NYSE:BAC) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,777,085 shares of the financial services provider’s stock after selling 90,304 shares during the quarter. Mackenzie Financial Corp’s holdings in Bank of America were worth $110,445,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after purchasing an additional 36,124,363 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in shares of Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after buying an additional 29,198,846 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after buying an additional 9,879,524 shares in the last quarter. AMF Tjanstepension AB increased its stake in shares of Bank of America by 959.6% during the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after buying an additional 8,447,091 shares during the period. Finally, Swedbank AB acquired a new stake in Bank of America in the first quarter valued at approximately $261,923,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on BAC shares. Morgan Stanley raised 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. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Keefe, Bruyette & Woods reissued 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 shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $42.22.

Bank of America Stock Down 0.3 %

BAC opened at $39.39 on Friday. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The firm has a market cap of $308.04 billion, a P/E ratio of 13.63, a PEG ratio of 1.37 and a beta of 1.33. The business’s fifty day simple moving average is $39.62 and its 200 day simple moving average is $39.00. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) 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 business had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter last year, the firm earned $0.88 earnings per share. The business’s revenue was up .7% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.64%. Bank of America’s payout ratio is currently 35.99%.

Bank of America announced that its board has authorized a share repurchase program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Bank of America

In other Bank of America 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 transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, major shareholder Berkshire Hathaway Inc sold 3,915,126 shares of Bank of America stock in a transaction on Friday, September 27th. The shares were sold at an average price of $39.52, for a total transaction of $154,725,779.52. Following the sale, the insider now owns 802,668,860 shares of the company’s stock, valued at approximately $31,721,473,347.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s 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 transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 140,942,405 shares of company stock valued at $5,785,202,516. Company insiders own 0.29% of the company’s stock.

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.