Bank of America Co. (NYSE:BAC) Shares Sold by Hendershot Investments Inc.

Hendershot Investments Inc. reduced its stake in Bank of America Co. (NYSE:BAC) by 1.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 66,102 shares of the financial services provider’s stock after selling 695 shares during the period. Hendershot Investments Inc.’s holdings in Bank of America were worth $2,629,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC increased its stake in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the last quarter. Livelsberger Financial Advisory purchased a new position in shares of Bank of America during the fourth quarter worth approximately $28,000. POM Investment Strategies LLC grew 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 acquiring an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC purchased a new position in shares of Bank of America during the second quarter worth approximately $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in Bank of America in the 1st quarter valued at $33,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.9 %

Shares of NYSE BAC opened at $40.13 on Friday. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The company has a market cap of $313.83 billion, a P/E ratio of 13.89, a P/E/G ratio of 1.46 and a beta of 1.35. 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 stock has a fifty 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 results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same period in the prior year, the firm earned $0.88 EPS. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Research analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has approved a stock 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 reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a $0.26 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio is currently 35.99%.

Insider Activity

In other news, 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 sale, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, 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 sale, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the 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 directly owns 10,907 shares in the company, valued at approximately $402,577.37. The disclosure for this sale can be found here. Insiders sold 112,670,620 shares of company stock worth $4,651,681,930 over the last ninety days. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on BAC shares. Royal Bank of Canada lifted their price objective on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Morgan Stanley boosted their price target on Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 price target (up previously from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. Finally, Jefferies Financial Group boosted their price target on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.22.

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.