Matrix Asset Advisors Inc. NY Sells 810 Shares of Bank of America Co. (NYSE:BAC)

Matrix Asset Advisors Inc. NY decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 11.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,301 shares of the financial services provider’s stock after selling 810 shares during the period. Matrix Asset Advisors Inc. NY’s holdings in Bank of America were worth $251,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. International Assets Investment Management LLC bought a new stake in shares of Bank of America during the 4th quarter valued at about $3,502,000. Financial Counselors Inc. grew its position in Bank of America by 0.5% during the fourth quarter. Financial Counselors Inc. now owns 82,937 shares of the financial services provider’s stock valued at $2,792,000 after buying an additional 383 shares during the period. Cerity Partners LLC increased its holdings in Bank of America by 45.8% during the fourth quarter. Cerity Partners LLC now owns 2,115,165 shares of the financial services provider’s stock valued at $71,218,000 after buying an additional 664,284 shares during the last quarter. Janiczek Wealth Management LLC raised its position in Bank of America by 87.4% in the fourth quarter. Janiczek Wealth Management LLC now owns 6,880 shares of the financial services provider’s stock worth $232,000 after acquiring an additional 3,208 shares during the period. Finally, Meitav Investment House Ltd. boosted its stake in shares of Bank of America by 1.9% during the 4th quarter. Meitav Investment House Ltd. now owns 84,958 shares of the financial services provider’s stock worth $2,872,000 after acquiring an additional 1,577 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’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 sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following 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 accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,549,666 shares of company stock valued at $2,403,801,723. 0.29% of the stock is currently owned by company insiders.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.12 during midday trading on Monday, reaching $38.17. 33,029,441 shares of the stock traded hands, compared to its average volume of 39,573,695. The company’s 50 day moving average is $40.27 and its 200 day moving average is $37.74. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $298.46 billion, a PE ratio of 13.21, a P/E/G ratio of 1.41 and a beta of 1.35.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $25.22 billion. During the same quarter last year, the business earned $0.88 earnings per share. Bank of America’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be given a dividend of $0.26 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.73%. Bank of America’s payout ratio is 35.99%.

Wall Street Analyst Weigh In

Several research firms have recently commented on BAC. Evercore ISI upped their price objective on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Oppenheimer raised their price objective on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 30th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Royal Bank of Canada raised their target price on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Finally, Barclays increased their price objective on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $42.07.

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.