GHP Investment Advisors Inc. Acquires 1,557 Shares of Bank of America Co. (NYSE:BAC)

GHP Investment Advisors Inc. increased its holdings in Bank of America Co. (NYSE:BAC) by 1.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 127,882 shares of the financial services provider’s stock after buying an additional 1,557 shares during the period. GHP Investment Advisors Inc.’s holdings in Bank of America were worth $5,086,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Delos Wealth Advisors LLC increased its position in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares in the last quarter. Livelsberger Financial Advisory acquired a new position in shares of Bank of America during the fourth quarter worth $28,000. POM Investment Strategies LLC increased 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 purchasing an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the second quarter worth $30,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the first quarter worth $33,000. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on BAC shares. Cfra reaffirmed a “sell” rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Royal Bank of Canada boosted their price objective on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Tuesday, September 3rd. Finally, Barclays boosted their price objective on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $42.22.

Bank of America Trading Down 0.3 %

BAC stock opened at $38.65 on Friday. The company’s 50-day simple moving average is $40.14 and its 200-day simple moving average is $38.67. 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 firm has a market cap of $299.87 billion, a P/E ratio of 13.37, a PEG ratio of 1.40 and a beta of 1.33.

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 the consensus estimate 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 analyst estimates of $25.22 billion. During the same period in the prior year, the company posted $0.88 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis. As a group, equities analysts forecast that Bank of America Co. will post 3.28 EPS for the current fiscal year.

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 dividend of $0.26 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.69%. The ex-dividend date is Friday, September 6th. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America announced that its board has approved a share 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 buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were 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 in the company, valued at approximately $34,076,699,933.67. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were 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 in the company, valued at approximately $34,076,699,933.67. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated 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 owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The disclosure for this sale can be found here. Insiders sold a total of 114,391,986 shares of company stock worth $4,719,796,383 in the last 90 days. Insiders own 0.29% of the company’s stock.

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.