Abbot Financial Management Inc. Has $3.97 Million Stock Position in Bank of America Co. (NYSE:BAC)

Abbot Financial Management Inc. decreased its position in Bank of America Co. (NYSE:BAC) by 1.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 99,846 shares of the financial services provider’s stock after selling 994 shares during the quarter. Bank of America accounts for approximately 2.1% of Abbot Financial Management Inc.’s holdings, making the stock its 9th biggest holding. Abbot Financial Management Inc.’s holdings in Bank of America were worth $3,971,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in BAC. Barometer Capital Management Inc. bought a new stake in Bank of America during the 4th quarter worth about $2,175,000. IMA Wealth Inc. acquired a new stake in shares of Bank of America in the first quarter valued at approximately $1,453,000. Johnson Financial Group Inc. raised its position in Bank of America by 149.9% in the 4th quarter. Johnson Financial Group Inc. now owns 21,247 shares of the financial services provider’s stock worth $715,000 after purchasing an additional 12,744 shares during the last quarter. Parnassus Investments LLC lifted its holdings in Bank of America by 7.8% during the 4th quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock worth $1,363,928,000 after buying an additional 2,935,040 shares in the last quarter. Finally, Brevan Howard Capital Management LP bought a new stake in shares of Bank of America during the fourth quarter worth $3,601,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 861,175,131 shares in the company, valued at $34,076,699,933.67. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the business’s stock in a transaction that occurred 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 directly owns 861,175,131 shares in the company, valued at approximately $34,076,699,933.67. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 114,391,986 shares of company stock valued at $4,719,796,383. 0.29% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently commented on BAC shares. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Barclays lifted their price target on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Morgan Stanley increased their price objective on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Cfra reiterated a “sell” rating and set a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $42.22.

Bank of America Price Performance

BAC stock opened at $39.10 on Tuesday. The stock has a 50-day moving average price of $40.11 and a two-hundred day moving average price of $38.77. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The stock has a market cap of $305.78 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. 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 (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The business 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% on a year-over-year basis. During the same period last year, the company earned $0.88 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America declared that its board has approved 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 purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed 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 represents a $1.04 dividend on an annualized basis and a dividend yield of 2.66%. 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 is currently 35.99%.

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.