Bank of America Co. (NYSE:BAC) Major Shareholder Sells $197,359,635.82 in Stock

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 4,941,403 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $39.94, for a total value of $197,359,635.82. Following the transaction, the insider now directly owns 820,719,071 shares of the company’s stock, valued at approximately $32,779,519,695.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Thursday, September 19th, Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80.
• On Tuesday, September 17th, Berkshire Hathaway Inc sold 3,966,178 shares of Bank of America stock. The shares were sold at an average price of $39.58, for a total transaction of $156,981,325.24.
• On Monday, September 9th, Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock. The shares were sold at an average price of $39.57, for a total value of $68,114,452.62.
• On Thursday, September 5th, Berkshire Hathaway Inc sold 5,031,014 shares of Bank of America stock. The stock was sold at an average price of $40.28, for a total value of $202,649,243.92.
• On Tuesday, September 3rd, Berkshire Hathaway Inc sold 8,031,639 shares of Bank of America stock. The shares were sold at an average price of $40.66, for a total value of $326,566,441.74.
• On Friday, August 30th, Berkshire Hathaway Inc sold 7,938,699 shares of Bank of America stock. The stock was sold at an average price of $40.61, for a total transaction of $322,390,566.39.
• On Wednesday, August 28th, Berkshire Hathaway Inc sold 7,081,075 shares of Bank of America stock. The stock was sold at an average price of $39.95, for a total value of $282,888,946.25.
• On Monday, August 26th, Berkshire Hathaway Inc sold 10,975,008 shares of Bank of America stock. The stock was sold at an average price of $39.87, for a total transaction of $437,573,568.96.
• On Friday, August 23rd, Berkshire Hathaway Inc sold 6,754,272 shares of Bank of America stock. The shares were sold at an average price of $39.79, for a total value of $268,752,482.88.
• On Monday, August 19th, Berkshire Hathaway Inc sold 5,035,018 shares of Bank of America stock. The shares were sold at an average price of $39.65, for a total value of $199,638,463.70.

Bank of America Stock Up 0.7 %

Shares of NYSE:BAC opened at $39.52 on Friday. The company has a market capitalization of $309.06 billion, a PE ratio of 13.67, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. 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 business has a fifty day moving average price of $39.76 and a two-hundred day moving average price of $38.97.

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. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter last year, the company posted $0.88 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America announced that its Board of Directors has initiated 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 purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors 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 issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.63%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. Bank of America’s dividend payout ratio is 35.99%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Royal Bank of Canada increased their price objective on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Jefferies Financial Group upped their target price on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $42.22.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BAC. Vanguard Group Inc. lifted its holdings in Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after purchasing an additional 36,124,363 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after buying an additional 29,198,846 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares during the period. AMF Tjanstepension AB lifted its position in shares of Bank of America by 959.6% during the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after acquiring an additional 8,447,091 shares in the last quarter. Finally, Swedbank AB bought a new position in shares of Bank of America in the first quarter worth $261,923,000. Hedge funds and other 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.