Prime Capital Investment Advisors LLC Trims Position in Bank of America Co. (NYSE:BAC)

Prime Capital Investment Advisors LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 10.1% during the second quarter, Holdings Channel reports. The fund owned 171,115 shares of the financial services provider’s stock after selling 19,191 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Bank of America were worth $6,805,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Barometer Capital Management Inc. purchased a new stake in shares of Bank of America in the fourth quarter valued at $2,175,000. IMA Wealth Inc. acquired a new position in shares of Bank of America during the 1st quarter valued at about $1,453,000. Johnson Financial Group Inc. lifted its holdings in shares of Bank of America by 149.9% during the 4th quarter. Johnson Financial Group Inc. now owns 21,247 shares of the financial services provider’s stock worth $715,000 after acquiring an additional 12,744 shares during the period. Parnassus Investments LLC boosted its position in shares of Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock worth $1,363,928,000 after acquiring an additional 2,935,040 shares during the last quarter. Finally, Brevan Howard Capital Management LP purchased a new stake in Bank of America in the fourth quarter valued at approximately $3,601,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BAC shares. BMO Capital Markets lifted their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $42.22.

Insider Transactions at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction 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 sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was 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 in the company, valued at $44,958,509,063.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 114,391,986 shares of company stock worth $4,719,796,383. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Stock Down 0.3 %

Shares of NYSE:BAC opened at $38.65 on Monday. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. 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 market cap of $299.91 billion, a PE ratio of 13.37, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. The company has a fifty day simple moving average of $40.14 and a 200 day simple moving average of $38.74.

Bank of America (NYSE:BAC) last issued its earnings results 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. The business had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.88 EPS. On average, equities research analysts anticipate 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. Shareholders of record on Friday, September 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date is Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

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

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.