Bank of America Co. (NYSE:BAC) Shares Sold by Hamilton Wealth LLC

Hamilton Wealth LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 27.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,484 shares of the financial services provider’s stock after selling 2,077 shares during the period. Hamilton Wealth LLC’s holdings in Bank of America were worth $208,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in BAC. Peninsula Wealth LLC acquired a new position in Bank of America during the 1st quarter worth approximately $377,000. Pathway Financial Advisers LLC acquired a new position in Bank of America during the 1st quarter worth approximately $1,148,000. Soltis Investment Advisors LLC increased its position in Bank of America by 2.7% during the 1st quarter. Soltis Investment Advisors LLC now owns 16,731 shares of the financial services provider’s stock worth $634,000 after purchasing an additional 439 shares during the period. Cetera Advisors LLC increased its position in Bank of America by 239.1% during the 1st quarter. Cetera Advisors LLC now owns 562,242 shares of the financial services provider’s stock worth $21,320,000 after purchasing an additional 396,437 shares during the period. Finally, PGGM Investments boosted its stake in shares of Bank of America by 668.7% during the 1st quarter. PGGM Investments now owns 230,910 shares of the financial services provider’s stock worth $8,756,000 after acquiring an additional 200,871 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 4.9 %

NYSE BAC traded down $1.92 during trading hours on Friday, hitting $37.58. The company had a trading volume of 76,727,990 shares, compared to its average volume of 42,436,524. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The company has a market capitalization of $291.61 billion, a price-to-earnings ratio of 13.00, a P/E/G ratio of 1.41 and a beta of 1.35. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm’s 50 day moving average is $40.49 and its 200 day moving average is $37.46.

Bank of America (NYSE:BAC) last announced 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 firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same period in the prior year, the firm earned $0.88 EPS. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America declared 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 outstanding shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be given 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 2.77%. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio is presently 33.22%.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 56,538,765 shares of company stock valued at $2,403,399,367 in the last ninety days. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the topic of several research analyst reports. BMO Capital Markets boosted their price target on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Evercore ISI boosted their price target on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Barclays boosted their price target on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.07.

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.