True Vision MN LLC Buys New Stake in Bank of America Co. (NYSE:BAC)

True Vision MN LLC bought a new stake in Bank of America Co. (NYSE:BAC) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 13,141 shares of the financial services provider’s stock, valued at approximately $523,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Delos Wealth Advisors LLC lifted its stake in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the period. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth $27,000. Livelsberger Financial Advisory acquired a new stake in shares of Bank of America during the 4th quarter worth $28,000. POM Investment Strategies LLC increased its holdings in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the last quarter. Finally, Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insiders Place Their Bets

In other Bank of America 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 transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Bank of America 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 transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $39.57, for a total transaction 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 approximately $34,076,699,933.67. The disclosure for this sale can be found here. Insiders have sold 114,391,986 shares of company stock valued at $4,719,796,383 over the last quarter. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on BAC shares. Keefe, Bruyette & Woods restated an “outperform” rating and set a $48.00 price objective (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Royal Bank of Canada upped their price objective on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Morgan Stanley upped their price objective on Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Barclays increased their price target on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Finally, Cfra reiterated a “sell” rating and issued a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Stock Performance

Shares of BAC stock opened at $39.58 on Wednesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The company’s 50-day simple moving average is $40.07 and its 200-day simple moving average is $38.80. The stock has a market capitalization of $309.53 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 1.40 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter last year, the company posted $0.88 earnings per share. The company’s quarterly revenue was up .7% compared to the same quarter last year. Equities analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has approved a stock repurchase 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 reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.63%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) 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.