Morton Brown Family Wealth LLC Buys 456 Shares of Bank of America Co. (NYSE:BAC)

Morton Brown Family Wealth LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 3.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,197 shares of the financial services provider’s stock after buying an additional 456 shares during the quarter. Morton Brown Family Wealth LLC’s holdings in Bank of America were worth $525,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of BAC. Ethos Financial Group LLC grew its stake in Bank of America by 6.2% in the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock valued at $285,000 after acquiring an additional 492 shares during the period. DiNuzzo Private Wealth Inc. purchased a new position in shares of Bank of America during the 4th quarter valued at $105,000. Concord Wealth Partners raised its position in shares of Bank of America by 10.2% in the fourth quarter. Concord Wealth Partners now owns 55,259 shares of the financial services provider’s stock valued at $1,861,000 after purchasing an additional 5,103 shares during the period. Barometer Capital Management Inc. purchased a new stake in shares of Bank of America during the 4th quarter valued at approximately $2,175,000. Finally, IMA Wealth Inc. purchased a new position in Bank of America in the 1st quarter valued at approximately $1,453,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 1.4 %

Shares of NYSE:BAC traded up $0.58 during trading on Friday, reaching $40.75. 49,098,180 shares of the company traded hands, compared to its average volume of 39,229,773. 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 52-week low of $24.96 and a 52-week high of $44.44. The firm has a market capitalization of $318.68 billion, a price-to-earnings ratio of 14.10, a P/E/G ratio of 1.41 and a beta of 1.35. The business’s fifty day moving average is $40.23 and its 200-day moving average is $38.26.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the company earned $0.88 EPS. As a group, analysts forecast that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.26 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.55%. Bank of America’s payout ratio is presently 35.99%.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on BAC shares. Cfra reaffirmed a “sell” rating and issued a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. Morgan Stanley upped their price target on Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Royal Bank of Canada raised their price objective on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $42.07.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America 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 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. In the last quarter, insiders have sold 99,609,567 shares of company stock worth $4,122,483,669. Company insiders own 0.29% of the company’s stock.

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.