Bank of America Co. (NYSE:BAC) Shares Sold by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC trimmed its stake in Bank of America Co. (NYSE:BAC) by 1.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 58,004 shares of the financial services provider’s stock after selling 1,141 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Bank of America were worth $2,307,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Barometer Capital Management Inc. acquired a new stake in shares of Bank of America during the fourth quarter worth approximately $2,175,000. IMA Wealth Inc. purchased a new stake in Bank of America in the 1st quarter worth approximately $1,453,000. Johnson Financial Group Inc. boosted its stake 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 valued at $715,000 after buying an additional 12,744 shares during the period. Parnassus Investments LLC boosted its stake in shares of Bank of America by 7.8% during the 4th quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after buying an additional 2,935,040 shares during the period. Finally, Vise Technologies Inc. grew its holdings in shares of Bank of America by 12.0% during the 4th quarter. Vise Technologies Inc. now owns 59,764 shares of the financial services provider’s stock valued at $2,012,000 after acquiring an additional 6,416 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Morgan Stanley increased their price objective on Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Royal Bank of Canada boosted their price target on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $48.00 price objective (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Finally, Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, nine have given 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 currently has an average rating of “Moderate Buy” and a consensus price target of $42.22.

Bank of America Price Performance

Shares of NYSE:BAC opened at $38.78 on Friday. 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 has a 50 day moving average price of $40.30 and a 200 day moving average price of $38.49. The company has a market cap of $303.27 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 1.46 and a beta of 1.35. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 the consensus estimate of $25.22 billion. During the same quarter last year, the company posted $0.88 earnings per share. Bank of America’s quarterly revenue was up .7% on a year-over-year basis. Research analysts predict that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.26 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.68%. Bank of America’s payout ratio is presently 35.99%.

Bank of America declared that its board has initiated a stock buyback program 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 shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the sale, the insider now directly owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 112,670,620 shares of company stock worth $4,651,681,930. 0.29% of the stock is currently owned by company insiders.

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.