US Asset Management LLC Has $1.36 Million Stake in Bank of America Co. (NYSE:BAC)

US Asset Management LLC lowered its holdings in Bank of America Co. (NYSE:BAC) by 3.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 34,148 shares of the financial services provider’s stock after selling 1,065 shares during the quarter. Bank of America comprises approximately 1.2% of US Asset Management LLC’s investment portfolio, making the stock its 14th largest holding. US Asset Management LLC’s holdings in Bank of America were worth $1,358,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Delos Wealth Advisors LLC raised its position in 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 buying an additional 547 shares during the last quarter. Livelsberger Financial Advisory bought a new stake in Bank of America in the fourth quarter worth about $28,000. POM Investment Strategies LLC boosted its stake in 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 acquiring an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC bought a new position in shares of Bank of America during the 2nd quarter valued at approximately $30,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the 1st quarter worth approximately $33,000. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America 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 transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the sale, the insider now directly owns 937,246,053 shares of the company’s stock, valued at $36,843,142,343.43. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 114,391,986 shares of company stock valued at $4,719,796,383. 0.29% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on BAC. BMO Capital Markets upped their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. 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. Barclays lifted their target price on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Piper Sandler raised shares of 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. Finally, Morgan Stanley raised their price objective on shares of Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

Bank of America Price Performance

Shares of BAC stock opened at $38.65 on Friday. 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 firm has a market cap of $299.87 billion, a P/E ratio of 13.37, a P/E/G ratio of 1.40 and a beta of 1.33. The business’s 50 day moving average price is $40.14 and its 200-day moving average price is $38.67. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $25.22 billion. During the same period in the previous year, the firm earned $0.88 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America announced that its board has approved a stock repurchase plan 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 purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.69%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is currently 35.99%.

About Bank of America

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.