Bank of America Co. (NYSE:BAC) Major Shareholder Berkshire Hathaway Inc Sells 4,985,553 Shares

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 4,985,553 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $39.61, for a total transaction of $197,477,754.33. Following the completion of the transaction, the insider now owns 797,683,307 shares in the company, valued at approximately $31,596,235,790.27. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Wednesday, October 2nd, Berkshire Hathaway Inc sold 1,722,523 shares of Bank of America stock. The stock was sold at an average price of $39.40, for a total transaction of $67,867,406.20.
• On Friday, September 27th, Berkshire Hathaway Inc sold 3,915,126 shares of Bank of America stock. The shares were sold at an average price of $39.52, for a total transaction of $154,725,779.52.
• On Wednesday, September 25th, Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock. The stock was sold at an average price of $39.27, for a total value of $90,533,647.05.
• On Monday, September 23rd, Berkshire Hathaway Inc sold 4,941,403 shares of Bank of America stock. The stock was sold at an average price of $39.94, for a total value of $197,359,635.82.
• On Thursday, September 19th, Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80.
• On Tuesday, September 17th, Berkshire Hathaway Inc sold 3,966,178 shares of Bank of America stock. The stock was sold at an average price of $39.58, for a total transaction of $156,981,325.24.
• On Monday, September 9th, Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62.
• On Thursday, September 5th, Berkshire Hathaway Inc sold 5,031,014 shares of Bank of America stock. The stock was sold at an average price of $40.28, for a total transaction of $202,649,243.92.
• On Tuesday, September 3rd, Berkshire Hathaway Inc sold 8,031,639 shares of Bank of America stock. The stock was sold at an average price of $40.66, for a total transaction of $326,566,441.74.
• On Friday, August 30th, Berkshire Hathaway Inc sold 7,938,699 shares of Bank of America stock. The shares were sold at an average price of $40.61, for a total value of $322,390,566.39.

Bank of America Stock Performance

Shares of NYSE BAC opened at $40.11 on Friday. The company has a 50 day simple moving average of $39.36 and a two-hundred day simple moving average of $39.12. The stock has a market cap of $313.68 billion, a price-to-earnings ratio of 13.88, a PEG ratio of 1.37 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 12 month low of $24.96 and a 12 month 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 company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company earned $0.88 earnings per share. As a group, analysts predict that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.59%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, September 6th. Bank of America’s payout ratio is 35.99%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Barclays upped 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. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Cfra reaffirmed a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, September 3rd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $42.27.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC increased 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 in the last quarter. Fairway Wealth LLC acquired a new stake in Bank of America in the 2nd quarter valued at $27,000. Livelsberger Financial Advisory purchased a new stake in Bank of America in the 4th quarter worth $28,000. POM Investment Strategies LLC raised its position 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 worth $29,000 after acquiring an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC purchased a new position in Bank of America during the second quarter valued at $30,000. Hedge funds and other institutional investors own 70.71% 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.