5,065 Shares in Bank of America Co. (NYSE:BAC) Bought by Meyer Handelman Co.

Meyer Handelman Co. bought a new stake in shares of Bank of America Co. (NYSE:BAC) in the 2nd quarter, Holdings Channel reports. The fund bought 5,065 shares of the financial services provider’s stock, valued at approximately $201,000.

Several other institutional investors have also modified their holdings of BAC. Delos Wealth Advisors LLC lifted 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 worth $26,000 after acquiring an additional 547 shares during the last quarter. Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the second quarter worth $30,000. Livelsberger Financial Advisory bought a new stake in Bank of America in the fourth quarter valued at $28,000. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the first quarter valued at $33,000. Finally, Clearstead Trust LLC grew its position in shares of Bank of America by 1,489.3% during the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 834 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction dated 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 completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction on 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 sale, the insider now 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. Over the last ninety days, insiders have sold 56,549,666 shares of company stock worth $2,403,801,723. Company insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of BAC traded up $0.21 during mid-day trading on Wednesday, hitting $38.67. The company’s stock had a trading volume of 526,085 shares, compared to its average volume of 39,208,961. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The stock’s 50-day moving average is $40.25 and its two-hundred day moving average is $37.78. The firm has a market capitalization of $302.41 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 1.41 and a beta of 1.35. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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 net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same period last year, the business posted $0.88 EPS. The business’s quarterly revenue was up .7% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently disclosed 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 2.69%. The ex-dividend date of this dividend is Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Analyst Ratings Changes

Several brokerages have commented on BAC. Jefferies Financial Group raised their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Royal Bank of Canada lifted their price target on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research 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. BMO Capital Markets lifted their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Finally, JPMorgan Chase & Co. upped their price target on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.07.

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.