Bank of America Co. (NYSE:BAC) Shares Sold by Sabal Trust CO

Sabal Trust CO lessened its position in shares of Bank of America Co. (NYSE:BAC) by 13.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 33,110 shares of the financial services provider’s stock after selling 4,999 shares during the quarter. Sabal Trust CO’s holdings in Bank of America were worth $1,317,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC increased its stake in shares of Bank of America by 402.2% in the 1st 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 in the last quarter. Livelsberger Financial Advisory purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $28,000. POM Investment Strategies LLC increased its position in shares of 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 buying an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Bank of America during the 1st quarter valued at approximately $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on BAC shares. Evercore ISI upped their price objective on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Morgan Stanley raised their price target on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. BMO Capital Markets boosted their price objective on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Finally, Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $42.07.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction that occurred on 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 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. The disclosure for this sale can be found here. Insiders have sold a total of 99,609,567 shares of company stock valued at $4,122,483,669 in the last quarter. Insiders own 0.29% of the company’s stock.

Bank of America Trading Up 1.4 %

Shares of BAC opened at $40.75 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a 50-day moving average price of $40.23 and a 200 day moving average price of $38.26. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The firm has a market capitalization of $316.20 billion, a P/E ratio of 14.10, a P/E/G ratio of 1.46 and a beta of 1.35.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter last year, the firm earned $0.88 EPS. The business’s revenue was up .7% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.55%. 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 is 33.22%.

Bank of America announced that its Board of Directors has initiated a share buyback program on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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.