Bank of America Co. (NYSE:BAC) Major Shareholder Berkshire Hathaway Inc Sells 4,002,225 Shares

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the company’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $40.14, for a total transaction of $160,649,311.50. Following the completion of the sale, the insider now directly owns 776,614,511 shares of the company’s stock, valued at $31,173,306,471.54. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Monday, October 7th, Berkshire Hathaway Inc sold 4,076,169 shares of Bank of America stock. The stock was sold at an average price of $40.05, for a total transaction of $163,250,568.45.
• On Friday, October 4th, Berkshire Hathaway Inc sold 5,192,207 shares of Bank of America stock. The stock was sold at an average price of $40.04, for a total transaction of $207,895,968.28.
• On Wednesday, October 2nd, Berkshire Hathaway Inc sold 1,722,523 shares of Bank of America stock. The shares were sold at an average price of $39.40, for a total transaction of $67,867,406.20.
• On Monday, September 30th, Berkshire Hathaway Inc sold 4,985,553 shares of Bank of America stock. The shares were sold at an average price of $39.61, for a total transaction of $197,477,754.33.
• 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 shares were sold at an average price of $39.27, for a total transaction of $90,533,647.05.
• On Monday, September 23rd, Berkshire Hathaway Inc sold 4,941,403 shares of Bank of America stock. The shares were sold at an average price of $39.94, for a total transaction 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 transaction 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 value of $156,981,325.24.
• On Monday, September 9th, Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock. The stock was sold at an average price of $39.57, for a total value of $68,114,452.62.

Bank of America Stock Down 0.5 %

BAC opened at $39.97 on Friday. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $310.15 billion, a price-to-earnings ratio of 14.07, a P/E/G ratio of 1.39 and a beta of 1.33. The business has a 50 day moving average of $39.31 and a 200-day moving average of $39.21.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the prior year, the business earned $0.88 earnings per share. Bank of America’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.60%. 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 dividend payout ratio is presently 36.62%.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BAC. Vanguard Group Inc. raised its stake in shares of Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after purchasing an additional 36,124,363 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Bank of America by 360.9% in 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 valued at $1,255,514,000 after purchasing an additional 29,198,846 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake 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 valued at $3,502,720,000 after purchasing an additional 9,879,524 shares in the last quarter. AMF Tjanstepension AB raised its stake in 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 in the last quarter. Finally, Swedbank AB acquired a new position in Bank of America during the first quarter worth $261,923,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BAC. Piper Sandler Companies 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 report on Tuesday, July 9th. 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 report on Tuesday, July 9th. Evercore ISI upped their target price on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $48.00 target price (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Finally, Morgan Stanley dropped their target price on Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.