Harbor Island Capital LLC Has $6.75 Million Stake in Bank of America Co. (NYSE:BAC)

Harbor Island Capital LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 0.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 170,106 shares of the financial services provider’s stock after purchasing an additional 770 shares during the quarter. Bank of America accounts for about 3.2% of Harbor Island Capital LLC’s portfolio, making the stock its 13th largest holding. Harbor Island Capital LLC’s holdings in Bank of America were worth $6,750,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Bank of America by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after buying an additional 36,124,363 shares in the last quarter. Legal & General Group Plc raised its position in shares of Bank of America by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after buying an additional 895,884 shares in the last quarter. Capital World Investors raised its position in shares of Bank of America by 0.4% in the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock valued at $1,530,241,000 after buying an additional 165,070 shares in the last quarter. Pzena Investment Management LLC raised its position in shares of Bank of America by 4.7% in the 1st quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock valued at $813,983,000 after buying an additional 954,885 shares in the last quarter. Finally, Clearbridge Investments LLC raised its position in shares of Bank of America by 23.6% in the 2nd quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock valued at $646,693,000 after buying an additional 3,109,197 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Cfra restated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. Evercore ISI boosted their target price on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday. Jefferies Financial Group lifted their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.62.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80. Following the sale, the insider now owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the sale, the insider now owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred 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 in the company, valued at $402,577.37. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 144,633,120 shares of company stock valued at $5,862,871,640 over the last ninety days. Insiders own 0.29% of the company’s stock.

Bank of America Stock Down 0.5 %

BAC traded down $0.21 during trading on Friday, hitting $42.39. 9,020,438 shares of the company’s stock were exchanged, compared to its average volume of 38,754,859. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The business’s 50 day moving average is $39.81 and its two-hundred day moving average is $39.38. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The stock has a market cap of $331.51 billion, a P/E ratio of 14.74, a PEG ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same quarter last year, the business earned $0.90 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. As a group, equities analysts expect that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.45%. Bank of America’s dividend payout ratio is currently 35.99%.

Bank of America announced that its board has authorized a share buyback plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors 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.