Bank of America Co. (NYSE:BAC) Stock Position Lifted by RFG Advisory LLC

RFG Advisory LLC lifted its position in Bank of America Co. (NYSE:BAC) by 6.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,554 shares of the financial services provider’s stock after buying an additional 1,116 shares during the quarter. RFG Advisory LLC’s holdings in Bank of America were worth $778,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of BAC. Verum Partners LLC increased its holdings in Bank of America by 6.5% in the 2nd quarter. Verum Partners LLC now owns 12,986 shares of the financial services provider’s stock valued at $516,000 after buying an additional 798 shares during the period. Udine Wealth Management Inc. raised its position in shares of Bank of America by 1.9% in the 2nd quarter. Udine Wealth Management Inc. now owns 205,736 shares of the financial services provider’s stock valued at $8,182,000 after acquiring an additional 3,854 shares during the period. Sapient Capital LLC increased its stake in Bank of America by 29.2% during the 2nd quarter. Sapient Capital LLC now owns 1,583,666 shares of the financial services provider’s stock worth $62,982,000 after purchasing an additional 357,785 shares in the last quarter. Czech National Bank increased its stake in Bank of America by 7.0% during the 2nd quarter. Czech National Bank now owns 1,296,840 shares of the financial services provider’s stock worth $51,575,000 after purchasing an additional 85,118 shares in the last quarter. Finally, Muirfield Wealth Advisors LLC grew its stake in shares of Bank of America by 1.6% during the 2nd quarter. Muirfield Wealth Advisors LLC now owns 16,485 shares of the financial services provider’s stock worth $656,000 after acquiring an additional 254 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’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 transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The disclosure for this sale can be found here. Insiders have sold 56,549,666 shares of company stock valued at $2,403,801,723 in the last ninety days. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on BAC shares. BMO Capital Markets lifted their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Royal Bank of Canada lifted their target price on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, 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. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.07.

Bank of America Price Performance

NYSE BAC traded down $0.11 during trading hours on Monday, hitting $38.17. The company had a trading volume of 32,733,582 shares, compared to its average volume of 39,570,922. The firm has a market capitalization of $298.50 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 1.41 and a beta of 1.35. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a 50 day simple moving average of $40.31 and a 200 day simple moving average of $37.71. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the company posted $0.88 EPS. Equities research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America declared that its Board of Directors has approved a share repurchase plan 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 shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a $0.26 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date is Friday, September 6th. Bank of America’s payout ratio is 35.99%.

Bank of America 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.