Bank of America Co. (NYSE:BAC) Shares Sold by Prime Capital Investment Advisors LLC

Prime Capital Investment Advisors LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 10.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 171,115 shares of the financial services provider’s stock after selling 19,191 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Bank of America were worth $6,805,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Brio Consultants LLC purchased a new stake in shares of Bank of America during the 4th quarter worth $227,000. Gilbert & Cook Inc. lifted its holdings in Bank of America by 4.0% during the 4th quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock worth $585,000 after buying an additional 662 shares during the last quarter. Rollins Financial boosted its position in shares of Bank of America by 12.5% during the 4th quarter. Rollins Financial now owns 441,919 shares of the financial services provider’s stock worth $14,879,000 after acquiring an additional 48,998 shares in the last quarter. Gryphon Financial Partners LLC increased its holdings in shares of Bank of America by 44.4% in the 4th quarter. Gryphon Financial Partners LLC now owns 11,664 shares of the financial services provider’s stock valued at $393,000 after acquiring an additional 3,585 shares during the last quarter. Finally, Financial Advocates Investment Management raised its position in shares of Bank of America by 11.8% during the 4th quarter. Financial Advocates Investment Management now owns 34,815 shares of the financial services provider’s stock worth $1,172,000 after acquiring an additional 3,681 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $38.65 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. 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 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 stock has a 50 day simple moving average of $40.14 and a 200-day simple moving average of $38.74.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The company 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%. Bank of America’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the company earned $0.88 earnings per share. On average, equities analysts forecast that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America declared that its board has authorized a share buyback program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership 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. Stockholders of record on Friday, September 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.69%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the transaction, the insider now owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The disclosure for this sale can be found here. Insiders have sold 114,391,986 shares of company stock valued at $4,719,796,383 in the last quarter. 0.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have commented on BAC shares. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. BMO Capital Markets increased their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $48.00 price target (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Jefferies Financial Group raised their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Finally, Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.22.

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.