Bank of America Co. (NYSE:BAC) Major Shareholder Berkshire Hathaway Inc Sells 11,422,560 Shares

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the business’s stock in a transaction that occurred on 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 directly owns 835,908,435 shares in the company, valued at $34,088,345,979.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Tuesday, September 17th, Berkshire Hathaway Inc sold 3,966,178 shares of Bank of America stock. The stock was sold at an average price of $39.58, for a total transaction of $156,981,325.24.
• On Monday, September 9th, Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62.
• On Thursday, September 5th, Berkshire Hathaway Inc sold 5,031,014 shares of Bank of America stock. The shares were sold at an average price of $40.28, for a total transaction of $202,649,243.92.
• On Tuesday, September 3rd, Berkshire Hathaway Inc sold 8,031,639 shares of Bank of America stock. The shares were sold at an average price of $40.66, for a total transaction of $326,566,441.74.
• On Friday, August 30th, Berkshire Hathaway Inc sold 7,938,699 shares of Bank of America stock. The shares were sold at an average price of $40.61, for a total transaction of $322,390,566.39.
• On Wednesday, August 28th, Berkshire Hathaway Inc sold 7,081,075 shares of Bank of America stock. The shares were sold at an average price of $39.95, for a total transaction of $282,888,946.25.
• On Monday, August 26th, Berkshire Hathaway Inc sold 10,975,008 shares of Bank of America stock. The shares were sold at an average price of $39.87, for a total transaction of $437,573,568.96.
• On Friday, August 23rd, Berkshire Hathaway Inc sold 6,754,272 shares of Bank of America stock. The shares were sold at an average price of $39.79, for a total transaction of $268,752,482.88.
• On Monday, August 19th, Berkshire Hathaway Inc sold 5,035,018 shares of Bank of America stock. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70.
• On Thursday, August 15th, Berkshire Hathaway Inc sold 5,183,829 shares of Bank of America stock. The shares were sold at an average price of $39.31, for a total transaction of $203,776,317.99.

Bank of America Stock Performance

Shares of BAC stock opened at $40.28 on Friday. The firm has a 50-day moving average of $39.98 and a 200-day moving average of $38.86. The company has a market cap of $315.00 billion, a P/E ratio of 13.94, a P/E/G ratio of 1.40 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. The company had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.88 earnings per share. Equities research analysts forecast 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. Investors of record on Friday, September 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.58%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America declared that its board has authorized a stock buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

BAC has been the topic of a number of research reports. Evercore ISI boosted their target price on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Tuesday, September 3rd. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $48.00 target price (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Barclays boosted their target price on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Finally, Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.22.

Hedge Funds Weigh In On Bank of America

Several institutional investors have recently added to or reduced their stakes in BAC. Delos Wealth Advisors LLC grew its position in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after buying an additional 547 shares during the period. Fairway Wealth LLC bought a new position in Bank of America during the second quarter valued at about $27,000. Livelsberger Financial Advisory bought a new position in Bank of America during the fourth quarter worth about $28,000. POM Investment Strategies LLC boosted its position in 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 purchasing an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC bought a new position in Bank of America during the second quarter worth about $30,000. Institutional investors own 70.71% of the company’s stock.

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.