Bank of America Co. (NYSE:BAC) Shares Sold by Bay Colony Advisory Group Inc d b a Bay Colony Advisors

Bay Colony Advisory Group Inc d b a Bay Colony Advisors trimmed its position in Bank of America Co. (NYSE:BAC) by 2.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,189 shares of the financial services provider’s stock after selling 418 shares during the quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors’ holdings in Bank of America were worth $684,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after purchasing an additional 36,124,363 shares during the period. Norges Bank bought a new position in shares of Bank of America during the fourth quarter worth about $3,734,407,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after acquiring an additional 9,879,524 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Bank of America by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock valued at $1,408,520,000 after purchasing an additional 1,315,056 shares during the last quarter. Finally, Parnassus Investments LLC boosted its stake in Bank of America by 7.8% during the 4th quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after purchasing an additional 2,935,040 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 1.1 %

BAC stock traded up $0.44 during midday trading on Friday, reaching $39.68. The company had a trading volume of 22,694,428 shares, compared to its average volume of 39,077,141. 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 $310.31 billion, a P/E ratio of 13.64, a PEG ratio of 1.41 and a beta of 1.35. The company has a 50 day moving average of $40.19 and a two-hundred day moving average of $37.98. Bank of America Co. has a 1 year low of $24.96 and a 1 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 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion during 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 for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.88 EPS. On average, equities research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a $0.26 dividend. 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 dividend yield of 2.62%. Bank of America’s dividend payout ratio is currently 35.99%.

Bank of America declared that its Board of Directors has initiated a stock buyback 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 buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BAC. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Evercore ISI increased their price objective on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $48.00 target price (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Finally, Barclays boosted their price objective on 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 investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $42.07.

Insider Transactions at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The disclosure for this sale can be found here. In the last three months, insiders sold 66,768,513 shares of company stock valued at $2,807,216,504. Company insiders own 0.29% 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.