Bank of America Co. (NYSE:BAC) Shares Acquired by Lynch & Associates IN

Lynch & Associates IN increased its holdings in Bank of America Co. (NYSE:BAC) by 3.7% during the second quarter, HoldingsChannel.com reports. The fund owned 146,051 shares of the financial services provider’s stock after buying an additional 5,190 shares during the period. Bank of America makes up approximately 1.3% of Lynch & Associates IN’s holdings, making the stock its 26th largest holding. Lynch & Associates IN’s holdings in Bank of America were worth $5,808,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. McAdam LLC increased its stake in Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 238 shares during the period. BTC Capital Management Inc. increased its position in Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after acquiring an additional 248 shares during the period. Central Bank & Trust Co. raised its stake in Bank of America by 15.1% during the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 248 shares during the last quarter. SNS Financial Group LLC lifted its position in Bank of America by 3.3% during the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after acquiring an additional 248 shares during the period. Finally, Verdence Capital Advisors LLC grew its stake in shares of Bank of America by 0.3% in the 2nd quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock valued at $3,742,000 after purchasing an additional 251 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were 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 owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The disclosure for this sale can be found here. Insiders have sold a total of 112,670,620 shares of company stock valued at $4,651,681,930 over the last quarter. Insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC opened at $38.76 on Friday. 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 company has a market capitalization of $303.12 billion, a P/E ratio of 13.41, a price-to-earnings-growth ratio of 1.46 and a beta of 1.33. The firm has a 50-day moving average price of $40.30 and a two-hundred day moving average price of $38.52. 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 issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping 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 business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same period last year, the company posted $0.88 EPS. The company’s revenue was up .7% on a year-over-year basis. As a group, research analysts expect that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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 given 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 dividend yield of 2.68%. The ex-dividend date is Friday, September 6th. Bank of America’s dividend payout ratio is currently 35.99%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BAC. Evercore ISI increased their price target on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. 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. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, September 3rd. Jefferies Financial Group lifted their price objective on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Finally, Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $42.22.

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.