Beverly Hills Private Wealth LLC Trims Stock Position in Bank of America Co. (NYSE:BAC)

Beverly Hills Private Wealth LLC cut its stake in Bank of America Co. (NYSE:BAC) by 4.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,502 shares of the financial services provider’s stock after selling 1,802 shares during the period. Beverly Hills Private Wealth LLC’s holdings in Bank of America were worth $1,571,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Delos Wealth Advisors LLC grew its stake in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the last quarter. Livelsberger Financial Advisory purchased a new position in shares of Bank of America during the fourth quarter worth approximately $28,000. POM Investment Strategies LLC grew its position in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at $30,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Bank of America in the 1st quarter valued at $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the completion of the transaction, the insider now owns 861,175,131 shares of the company’s stock, valued at $34,076,699,933.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the completion of the sale, the insider now directly owns 861,175,131 shares of the company’s stock, valued at $34,076,699,933.67. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 114,391,986 shares of company stock valued at $4,719,796,383. 0.29% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have issued reports on BAC. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Cfra reaffirmed a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. BMO Capital Markets boosted their target price on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Finally, Barclays increased their price target on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Stock Down 0.7 %

BAC opened at $39.00 on Thursday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $304.99 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 1.39 and a beta of 1.33. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The business’s fifty day moving average is $40.22 and its two-hundred day moving average is $38.64.

Bank of America (NYSE:BAC) last released 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 return on equity of 10.56% and a net margin of 13.28%. The business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter in the previous year, the company posted $0.88 EPS. The business’s revenue was up .7% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

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

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 given a dividend of $0.26 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Friday, September 6th. Bank of America’s payout ratio is currently 35.99%.

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.