Bank of America Co. (NYSE:BAC) Shares Sold by K.J. Harrison & Partners Inc

K.J. Harrison & Partners Inc decreased its position in Bank of America Co. (NYSE:BAC) by 32.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,450 shares of the financial services provider’s stock after selling 4,000 shares during the period. K.J. Harrison & Partners Inc’s holdings in Bank of America were worth $336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC lifted its stake in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the period. Livelsberger Financial Advisory purchased a new stake in Bank of America in the 4th quarter worth $28,000. POM Investment Strategies LLC lifted its holdings 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 valued at $29,000 after purchasing an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the 2nd quarter worth about $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in Bank of America in the 1st quarter valued at about $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock traded up $0.28 during midday trading on Wednesday, hitting $39.95. 40,655,121 shares of the stock were exchanged, compared to its average volume of 39,217,676. 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 stock has a market cap of $312.42 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.41 and a beta of 1.35. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The stock’s 50-day moving average price is $40.21 and its 200-day moving average price is $38.14.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. The company had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.88 earnings per share. Research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America declared that its board has approved a share repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a $0.26 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio is presently 35.99%.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction on 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 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 filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $43,085,191,337.27. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, 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 ninety days, insiders have sold 84,497,793 shares of company stock valued at $3,513,542,556. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BAC. Royal Bank of Canada boosted their price objective on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Evercore ISI upped their price objective on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Barclays boosted their price objective on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Finally, Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $42.07.

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.