5,350 Shares in Bank of America Co. (NYSE:BAC) Purchased by Keb Asset Management LLC

Keb Asset Management LLC acquired a new stake in Bank of America Co. (NYSE:BAC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,350 shares of the financial services provider’s stock, valued at approximately $213,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Bank of America during the fourth quarter worth about $3,734,407,000. Vanguard Group Inc. boosted its stake in shares of Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after acquiring an additional 36,124,363 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after acquiring an additional 29,198,846 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after purchasing an additional 9,879,524 shares in the last quarter. Finally, AMF Tjanstepension AB raised its holdings in Bank of America by 959.6% during the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after purchasing an additional 8,447,091 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.4 %

Bank of America stock traded up $0.53 during midday trading on Friday, reaching $39.77. The stock had a trading volume of 45,616,647 shares, compared to its average volume of 39,208,762. The stock’s 50-day simple moving average is $40.20 and its 200 day simple moving average is $38.06. The stock has a market capitalization of $311.02 billion, a PE ratio of 13.76, 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 Co. has a twelve month low of $24.96 and a twelve month high of $44.44.

Bank of America (NYSE:BAC) last posted its 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 firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter in the prior year, the company earned $0.88 EPS. The company’s revenue was up .7% on a year-over-year basis. Analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

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 purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently declared 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 represents a $1.04 dividend on an annualized basis and a yield of 2.62%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. Bank of America’s dividend payout ratio is 35.99%.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the transaction, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the business’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 directly owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. In the last three months, insiders sold 66,768,513 shares of company stock worth $2,807,216,504. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. 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. Royal Bank of Canada increased their price target on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $48.00 target price (up previously from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Finally, BMO Capital Markets raised their price target on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $42.07.

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.