BBR Partners LLC Sells 760 Shares of Bank of America Co. (NYSE:BAC)

BBR Partners LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 8.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,515 shares of the financial services provider’s stock after selling 760 shares during the quarter. BBR Partners LLC’s holdings in Bank of America were worth $339,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of 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 worth $24,437,936,000 after buying an additional 36,124,363 shares in the last quarter. Norges Bank acquired a new position in Bank of America during the fourth quarter worth about $3,734,407,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bank of America by 10.5% in the fourth 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 last quarter. Parnassus Investments LLC grew its holdings in shares of 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 last quarter. Finally, Capital World Investors increased its position in Bank of America by 0.4% during the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after purchasing an additional 165,070 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Cfra reaffirmed a “sell” rating and set a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Jefferies Financial Group upped their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, BMO Capital Markets upped 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. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $42.22.

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 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 directly owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction dated Friday, July 19th. The stock was 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 $43,085,191,337.27. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 112,670,620 shares of company stock worth $4,651,681,930. Insiders own 0.29% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $40.13 on Friday. The stock’s 50 day moving average price is $40.32 and its two-hundred day moving average price is $38.46. The stock has a market capitalization of $313.83 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 1.46 and a beta of 1.35. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 52-week low of $24.96 and a 52-week 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, topping analysts’ consensus estimates 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 analysts’ expectations of $25.22 billion. During the same period last year, the company posted $0.88 earnings per share. The business’s quarterly revenue was up .7% on a year-over-year basis. On average, equities analysts predict that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The firm 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 $0.26 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.59%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Bank of America announced that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

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.