Stolper Co Sells 953 Shares of Bank of America Co. (NYSE:BAC)

Stolper Co cut its position in Bank of America Co. (NYSE:BAC) by 0.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 176,565 shares of the financial services provider’s stock after selling 953 shares during the quarter. Bank of America makes up approximately 2.3% of Stolper Co’s investment portfolio, making the stock its 16th largest holding. Stolper Co’s holdings in Bank of America were worth $7,006,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after acquiring an additional 36,124,363 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Bank of America by 360.9% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after acquiring an additional 29,198,846 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Bank of America by 10.5% during 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. AMF Tjanstepension AB grew its stake in shares of Bank of America by 959.6% during the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after acquiring an additional 8,447,091 shares during the last quarter. Finally, Swedbank AB purchased a new stake in Bank of America in the first quarter valued at approximately $261,923,000. 70.71% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total value of $160,649,311.50. Following the completion of the sale, the insider now owns 776,614,511 shares of the company’s stock, valued at approximately $31,173,306,471.54. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total value of $160,649,311.50. Following the completion of the sale, the insider now owns 776,614,511 shares of the company’s stock, valued at approximately $31,173,306,471.54. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s 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 completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 160,921,082 shares of company stock valued at $6,582,343,525 over the last 90 days. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Price Performance

Bank of America stock opened at $41.28 on Friday. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The firm has a market capitalization of $320.32 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 1.39 and a beta of 1.33. The company has a fifty day simple moving average of $39.32 and a 200-day simple moving average of $39.21. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (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 analyst estimates of $25.22 billion. During the same quarter in the prior year, the firm earned $0.88 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America declared that its board has approved a share buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically a sign 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 was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a dividend of $0.26 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.52%. Bank of America’s dividend payout ratio is presently 36.62%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent research reports. Cfra reiterated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. StockNews.com lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. 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 report on Wednesday, July 17th. Finally, Jefferies Financial Group upped their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.27.

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.