RFG Advisory LLC Has $778,000 Stock Position in Bank of America Co. (NYSE:BAC)

RFG Advisory LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 6.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,554 shares of the financial services provider’s stock after acquiring an additional 1,116 shares during the quarter. RFG Advisory LLC’s holdings in Bank of America were worth $778,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new stake in Bank of America in the 4th quarter valued at $3,502,000. Tennessee Valley Asset Management Partners bought a new position in Bank of America during the 4th quarter worth $63,000. Simplicity Wealth LLC bought a new position in Bank of America during the 4th quarter worth $224,000. Capital Advisors Inc. OK increased its position in Bank of America by 36.0% during the 4th quarter. Capital Advisors Inc. OK now owns 69,694 shares of the financial services provider’s stock worth $2,347,000 after buying an additional 18,431 shares during the period. Finally, Glassy Mountain Advisors Inc. grew its holdings in shares of Bank of America by 2.0% during the 4th quarter. Glassy Mountain Advisors Inc. now owns 90,416 shares of the financial services provider’s stock worth $3,044,000 after purchasing an additional 1,731 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several research analyst reports. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Evercore ISI raised their price objective on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. BMO Capital Markets raised their price objective on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Cfra reissued a “sell” rating and set a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $42.07.

Insider Transactions at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated 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 directly 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 Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,549,666 shares of company stock worth $2,403,801,723. 0.29% of the stock is currently owned by insiders.

Bank of America Stock Performance

NYSE:BAC traded down $0.11 during trading on Monday, reaching $38.17. The company’s stock had a trading volume of 32,733,582 shares, compared to its average volume of 39,570,922. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $298.50 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 1.41 and a beta of 1.35. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The firm has a 50 day moving average of $40.31 and a 200-day moving average of $37.71.

Bank of America (NYSE:BAC) last released 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 firm had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.88 EPS. Research analysts expect that Bank of America Co. will post 3.27 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. This represents a $1.04 annualized dividend and a yield of 2.72%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

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

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.