Morton Brown Family Wealth LLC Has $525,000 Stake in Bank of America Co. (NYSE:BAC)

Morton Brown Family Wealth LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 3.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,197 shares of the financial services provider’s stock after buying an additional 456 shares during the quarter. Morton Brown Family Wealth LLC’s holdings in Bank of America were worth $525,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. McAdam LLC grew its holdings in Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 238 shares in the last quarter. BTC Capital Management Inc. raised its stake in shares of Bank of America by 1.2% during the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after acquiring an additional 248 shares in the last quarter. Central Bank & Trust Co. boosted its stake in Bank of America by 15.1% in the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 248 shares in the last quarter. SNS Financial Group LLC increased its position in shares of Bank of America by 3.3% during the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 248 shares in the last quarter. Finally, Verdence Capital Advisors LLC grew its stake in Bank of America by 0.3% during the 2nd quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after buying an additional 251 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 7,938,699 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $40.61, for a total transaction of $322,390,566.39. Following the sale, the insider now owns 882,723,903 shares in the company, valued at $35,847,417,700.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Berkshire Hathaway Inc sold 7,938,699 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $40.61, for a total transaction of $322,390,566.39. Following the transaction, the insider now directly owns 882,723,903 shares in the company, valued at $35,847,417,700.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The stock was 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 ninety days, insiders sold 99,609,567 shares of company stock worth $4,122,483,669. 0.29% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on BAC shares. Evercore ISI upped their price target on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Royal Bank of Canada increased their price target on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Cfra reaffirmed a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. Finally, Barclays lifted their price target on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $42.07.

Bank of America Price Performance

Shares of NYSE BAC traded up $0.58 during mid-day trading on Friday, reaching $40.75. 49,098,180 shares of the company were exchanged, compared to its average volume of 39,229,773. The stock has a market capitalization of $318.68 billion, a PE ratio of 14.10, a PEG ratio of 1.41 and a beta of 1.35. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The company’s 50 day moving average price is $40.23 and its 200 day moving average price is $38.26.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.88 EPS. Sell-side analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management 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 paid a $0.26 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.55%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is currently 35.99%.

Bank of America Company 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.