Seven Mile Advisory Trims Stake in Bank of America Co. (NYSE:BAC)

Seven Mile Advisory reduced its stake in Bank of America Co. (NYSE:BAC) by 33.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,129 shares of the financial services provider’s stock after selling 4,008 shares during the period. Seven Mile Advisory’s holdings in Bank of America were worth $323,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. McAdam LLC increased its position in shares of Bank of America by 2.1% during the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after purchasing an additional 238 shares in the last quarter. BTC Capital Management Inc. increased its position in Bank of America by 1.2% during the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after buying an additional 248 shares in the last quarter. Central Bank & Trust Co. raised its stake in Bank of America by 15.1% in the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after buying an additional 248 shares during the last quarter. SNS Financial Group LLC boosted its holdings in Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after acquiring an additional 248 shares in the last quarter. Finally, Verdence Capital Advisors LLC grew its stake in shares of Bank of America by 0.3% during the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after acquiring an additional 251 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Bernard A. Mensah sold 92,000 shares of Bank of America 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 sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the sale, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 114,391,986 shares of company stock worth $4,719,796,383. 0.29% of the stock is owned by corporate insiders.

Analyst Ratings Changes

BAC has been the subject of a number of recent analyst reports. Morgan Stanley lifted their target price on shares of Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Jefferies Financial Group upped their target price on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Finally, Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.22.

Bank of America Price Performance

NYSE:BAC opened at $38.65 on Friday. The company has a 50 day moving average price of $40.14 and a 200-day moving average price of $38.70. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The firm has a market cap of $299.91 billion, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating 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 company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the previous year, the company earned $0.88 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts forecast that Bank of America Co. will post 3.28 EPS for the current year.

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

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 issued a $0.26 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.69%. Bank of America’s dividend payout ratio is presently 35.99%.

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.