Madison Wealth Partners Inc Sells 400 Shares of Bank of America Co. (NYSE:BAC)

Madison Wealth Partners Inc trimmed its position in Bank of America Co. (NYSE:BAC) by 1.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,020 shares of the financial services provider’s stock after selling 400 shares during the period. Madison Wealth Partners Inc’s holdings in Bank of America were worth $836,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after buying an additional 36,124,363 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Bank of America by 10.5% in the fourth 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 last quarter. Parnassus Investments LLC increased its position in shares of Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after acquiring an additional 2,935,040 shares during the last quarter. Capital World Investors raised its holdings in Bank of America by 0.4% during the first quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after acquiring an additional 165,070 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its position in Bank of America by 17.1% during the fourth quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock valued at $1,267,820,000 after purchasing an additional 5,488,790 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BAC. Jefferies Financial Group upped their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Barclays upped 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 boosted their price objective on shares of Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Evercore ISI lifted their price target on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. 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 given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

Insider Activity

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider now directly 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 ninety days, insiders sold 114,391,986 shares of company stock worth $4,719,796,383. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Stock Up 1.2 %

BAC opened at $39.10 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a fifty day moving average of $40.11 and a 200-day moving average of $38.77. 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 $305.78 billion, a P/E ratio of 13.53, a P/E/G ratio of 1.40 and a beta of 1.33.

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, beating 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 firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. The business’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities analysts expect that Bank of America Co. will post 3.28 EPS for the current 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 given a $0.26 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.66%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

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

About Bank of America

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.