Bank of America Co. (NYSE:BAC) Shares Acquired by Trust Co. of Toledo NA OH

Trust Co. of Toledo NA OH lifted its position in shares of Bank of America Co. (NYSE:BAC) by 2.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,871 shares of the financial services provider’s stock after buying an additional 304 shares during the period. Trust Co. of Toledo NA OH’s holdings in Bank of America were worth $512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in BAC. Ethos Financial Group LLC boosted its position in shares of Bank of America by 6.2% during the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after purchasing an additional 492 shares during the period. Auxano Advisors LLC boosted its position in shares of Bank of America by 234.5% during the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after purchasing an additional 19,179 shares during the period. DiNuzzo Private Wealth Inc. purchased a new position in shares of Bank of America during the 4th quarter worth approximately $105,000. Concord Wealth Partners boosted its position in shares of Bank of America by 10.2% during the 4th quarter. Concord Wealth Partners now owns 55,259 shares of the financial services provider’s stock worth $1,861,000 after purchasing an additional 5,103 shares during the period. Finally, Barometer Capital Management Inc. purchased a new position in shares of Bank of America during the 4th quarter worth approximately $2,175,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction on Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the transaction, the insider now directly owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 56,538,765 shares of company stock worth $2,403,399,367. 0.29% of the stock is owned by company insiders.

Bank of America Stock Up 0.7 %

NYSE:BAC traded up $0.25 during midday trading on Tuesday, hitting $36.90. 40,601,435 shares of the company were exchanged, compared to its average volume of 39,690,047. The company has a fifty day simple moving average of $40.43 and a 200 day simple moving average of $37.57. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week 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 company has a market capitalization of $286.33 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.41 and a beta of 1.35.

Bank of America (NYSE:BAC) last posted 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. The company had revenue of $25.38 billion for 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%. Bank of America’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the business posted $0.88 earnings per share. As a group, equities analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a share repurchase program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders 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 a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.82%. Bank of America’s payout ratio is currently 33.22%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BAC. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a research report on Friday, April 19th. Oppenheimer raised their price target on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. Royal Bank of Canada raised their price target 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. Morgan Stanley raised their price target on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.07.

About Bank of America

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.