Headlands Technologies LLC Has $2.15 Million Holdings in Bank of America Co. (NYSE:BAC)

Headlands Technologies LLC lifted its holdings in Bank of America Co. (NYSE:BAC) by 84.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,013 shares of the financial services provider’s stock after purchasing an additional 24,744 shares during the quarter. Headlands Technologies LLC’s holdings in Bank of America were worth $2,148,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Delos Wealth Advisors LLC boosted its stake in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the last quarter. Livelsberger Financial Advisory bought a new stake in Bank of America during the fourth quarter worth about $28,000. POM Investment Strategies LLC boosted its position in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC bought a new position in Bank of America in the second quarter valued at approximately $30,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the 1st quarter worth approximately $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BAC. Piper Sandler Companies 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. Morgan Stanley increased their price target on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Royal Bank of Canada boosted their price objective on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Evercore ISI raised their target price on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Finally, Barclays lifted their price target on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.22.

Bank of America Stock Performance

NYSE BAC opened at $39.30 on Wednesday. The firm has a 50-day moving average price of $40.25 and a two-hundred day moving average price of $38.64. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The company has a market capitalization of $304.95 billion, a P/E ratio of 13.60, a P/E/G ratio of 1.39 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

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 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 business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the previous year, the company posted $0.88 earnings per share. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. Analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current year.

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 given a $0.26 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.65%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

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

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the sale, the insider now directly owns 861,175,131 shares in the company, valued at $34,076,699,933.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock in a transaction on Monday, September 9th. The stock was sold at an average price of $39.57, for a total value of $68,114,452.62. Following the transaction, the insider now owns 861,175,131 shares in the company, valued at approximately $34,076,699,933.67. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was 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 $3,824,063.60. The disclosure for this sale can be found here. Insiders sold a total of 114,391,986 shares of company stock valued at $4,719,796,383 over the last quarter. 0.29% of the stock is owned by corporate insiders.

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.