Bank of America Co. (NYSE:BAC) Shares Acquired by Addison Advisors LLC

Addison Advisors LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 5.7% during the 2nd quarter, Holdings Channel reports. The fund owned 15,756 shares of the financial services provider’s stock after acquiring an additional 849 shares during the quarter. Addison Advisors LLC’s holdings in Bank of America were worth $627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Wellington Shields Capital Management LLC lifted its holdings in Bank of America by 1.1% in the second quarter. Wellington Shields Capital Management LLC now owns 47,557 shares of the financial services provider’s stock worth $1,891,000 after purchasing an additional 537 shares during the period. Blue Barn Wealth LLC lifted its stake in shares of Bank of America by 5.5% in the 2nd quarter. Blue Barn Wealth LLC now owns 8,325 shares of the financial services provider’s stock worth $331,000 after acquiring an additional 432 shares during the period. Arizona State Retirement System boosted its holdings in shares of Bank of America by 0.7% in the second quarter. Arizona State Retirement System now owns 2,058,789 shares of the financial services provider’s stock valued at $81,878,000 after acquiring an additional 14,912 shares in the last quarter. Denver PWM LLC acquired a new position in shares of Bank of America during the second quarter valued at approximately $99,000. Finally, Columbia Asset Management raised its holdings in Bank of America by 1.7% during the second quarter. Columbia Asset Management now owns 30,166 shares of the financial services provider’s stock worth $1,200,000 after purchasing an additional 502 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on BAC shares. Piper Sandler upgraded 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 research report on Tuesday, July 9th. Jefferies Financial Group lifted their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. BMO Capital Markets lifted their price objective on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Finally, Morgan Stanley increased their target price on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $42.22.

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction on Friday, July 19th. The shares were 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 approximately $43,085,191,337.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 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 completion of the sale, 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 112,670,620 shares of company stock worth $4,651,681,930. Corporate insiders own 0.29% of the company’s stock.

Bank of America Stock Down 1.7 %

NYSE:BAC traded down $0.67 on Friday, hitting $39.47. 9,320,217 shares of the company’s stock traded hands, compared to its average volume of 39,103,152. The company has a market cap of $308.67 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.46 and a beta of 1.35. Bank of America Co. has a 1 year low of $24.96 and a 1 year 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 50-day moving average price of $40.32 and a 200-day moving average price of $38.46.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $25.22 billion. During the same period in the previous year, the firm posted $0.88 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. Equities analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared 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 of this dividend is Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.63%. Bank of America’s dividend payout ratio is 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 repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically a sign 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.