Bank of America (NYSE:BAC) Stock Price Down 0.7% on Insider Selling

Bank of America Co. (NYSE:BAC) shares fell 0.7% on Tuesday following insider selling activity. The company traded as low as $39.54 and last traded at $39.58. 5,243,896 shares changed hands during trading, a decline of 87% from the average session volume of 39,295,352 shares. The stock had previously closed at $39.87.

Specifically, major shareholder Berkshire Hathaway Inc sold 4,941,403 shares of Bank of America stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $39.94, for a total transaction of $197,359,635.82. Following the sale, the insider now directly owns 820,719,071 shares of the company’s stock, valued at $32,779,519,695.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the completion of the transaction, the insider now owns 835,908,435 shares of the company’s stock, valued at approximately $34,088,345,979.30. The disclosure for this sale can be found here. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 3,966,178 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $39.58, for a total transaction of $156,981,325.24. Following the sale, the insider now directly owns 854,214,328 shares of the company’s stock, valued at $33,809,803,102.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent research reports. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Barclays increased their price target on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Morgan Stanley lifted their target price on Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $42.22.

Bank of America Stock Up 0.7 %

The firm has a market cap of $309.06 billion, a P/E ratio of 13.63, a PEG ratio of 1.37 and a beta of 1.33. The company’s 50 day simple moving average is $39.76 and its 200-day simple moving average is $38.97. 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 issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.88 EPS. Research analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current fiscal 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 issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend is Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is presently 35.99%.

Bank of America announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Bank of America

Institutional investors have recently made changes to their positions in the company. Delos Wealth Advisors LLC boosted its stake in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the period. Fairway Wealth LLC purchased a new stake in Bank of America in the 2nd quarter valued at about $27,000. Livelsberger Financial Advisory bought a new position in Bank of America in the 4th quarter worth about $28,000. POM Investment Strategies LLC increased its position in shares of 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 worth $29,000 after acquiring an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC bought a new stake in shares of Bank of America during the second quarter valued at approximately $30,000. Institutional investors own 70.71% 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.