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:BACGet Free Report) 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.

View Our Latest Stock Analysis on BAC

Bank of America Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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