1ST Source Bank Purchases 815 Shares of Bank of America Co. (NYSE:BAC)

1ST Source Bank boosted its position in Bank of America Co. (NYSE:BAC) by 0.9% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 96,163 shares of the financial services provider’s stock after purchasing an additional 815 shares during the period. 1ST Source Bank’s holdings in Bank of America were worth $3,824,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in BAC. Vanguard Group Inc. grew its position 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 valued at $24,437,936,000 after acquiring an additional 36,124,363 shares during the period. Norges Bank bought a new position in shares of Bank of America during the 4th quarter valued at approximately $3,734,407,000. Price T Rowe Associates Inc. MD grew its position in shares of Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares during the period. Parnassus Investments LLC grew its position 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 acquiring an additional 2,935,040 shares during the period. Finally, Capital World Investors grew its position in shares of 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 valued at $1,530,241,000 after acquiring an additional 165,070 shares during the period. 70.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $43.13, for a total value of $530,145,635.91. Following the sale, the insider now 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 through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on 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 sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’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. Insiders have sold a total of 114,391,986 shares of company stock valued at $4,719,796,383 in the last quarter. Insiders own 0.29% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $38.65 on Friday. 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. The firm’s fifty day moving average is $40.14 and its 200 day moving average is $38.67. The firm has a market cap of $299.87 billion, a P/E ratio of 13.37, a P/E/G ratio of 1.40 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its 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. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same quarter last year, the firm earned $0.88 EPS. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Research 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 program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date is Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research reports. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Barclays upped their price target on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Jefferies Financial Group upped their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $48.00 price target (up from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $42.22.

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.