Bank of America Co. (NYSE:BAC) Stake Cut by Werba Rubin Papier Wealth Management

Werba Rubin Papier Wealth Management decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 4.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,716 shares of the financial services provider’s stock after selling 437 shares during the period. Werba Rubin Papier Wealth Management’s holdings in Bank of America were worth $347,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Prestige Wealth Management Group LLC boosted its position in Bank of America by 83.5% during the 2nd quarter. Prestige Wealth Management Group LLC now owns 64,592 shares of the financial services provider’s stock valued at $2,569,000 after purchasing an additional 29,388 shares during the period. Ballentine Partners LLC boosted its holdings in shares of Bank of America by 5.5% during the second quarter. Ballentine Partners LLC now owns 138,519 shares of the financial services provider’s stock valued at $5,509,000 after acquiring an additional 7,193 shares during the period. Ellis Investment Partners LLC grew its position in shares of Bank of America by 46.6% during the second quarter. Ellis Investment Partners LLC now owns 10,193 shares of the financial services provider’s stock worth $405,000 after acquiring an additional 3,239 shares during the last quarter. MRA Advisory Group acquired a new stake in shares of Bank of America in the 2nd quarter worth about $213,000. Finally, Koss Olinger Consulting LLC bought a new stake in Bank of America in the 2nd quarter valued at about $234,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Bank of America 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 shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the sale, 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 accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,670,620 shares of company stock valued at $4,651,681,930. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of several analyst reports. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Tuesday, September 3rd. Cfra reissued a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Morgan Stanley raised their price target on Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Finally, Evercore ISI upped their price objective on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. One equities 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $42.22.

Bank of America Trading Down 2.8 %

Shares of NYSE:BAC traded down $1.11 during midday trading on Friday, reaching $38.76. The company had a trading volume of 47,007,588 shares, compared to its average volume of 39,322,148. The company has a fifty day simple moving average of $40.30 and a two-hundred day simple moving average of $38.52. 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 market cap of $303.12 billion, a price-to-earnings ratio of 13.41, a price-to-earnings-growth ratio of 1.46 and a beta of 1.33. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.44.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the firm posted $0.88 earnings per share. Research analysts predict that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America declared that its board has approved a stock buyback program on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The business 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 dividend of $0.26 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

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.