Berkshire Hathaway Inc Sells 8,694,538 Shares of Bank of America Co. (NYSE:BAC) Stock

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Wednesday, October 9th, Berkshire Hathaway Inc sold 4,002,225 shares of Bank of America stock. The stock was sold at an average price of $40.14, for a total transaction of $160,649,311.50.
• On Monday, October 7th, Berkshire Hathaway Inc sold 4,076,169 shares of Bank of America stock. The shares were sold at an average price of $40.05, for a total transaction of $163,250,568.45.
• On Friday, October 4th, Berkshire Hathaway Inc sold 5,192,207 shares of Bank of America stock. The stock was sold at an average price of $40.04, for a total transaction of $207,895,968.28.
• On Wednesday, October 2nd, Berkshire Hathaway Inc sold 1,722,523 shares of Bank of America stock. The stock was sold at an average price of $39.40, for a total transaction of $67,867,406.20.
• On Monday, September 30th, Berkshire Hathaway Inc sold 4,985,553 shares of Bank of America stock. The stock was sold at an average price of $39.61, for a total value of $197,477,754.33.
• On Friday, September 27th, Berkshire Hathaway Inc sold 3,915,126 shares of Bank of America stock. The shares were sold at an average price of $39.52, for a total value of $154,725,779.52.
• On Wednesday, September 25th, Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock. The shares were sold at an average price of $39.27, for a total transaction of $90,533,647.05.
• On Monday, September 23rd, Berkshire Hathaway Inc sold 4,941,403 shares of Bank of America stock. The stock was sold at an average price of $39.94, for a total transaction of $197,359,635.82.
• 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 value of $465,811,996.80.
• On Tuesday, September 17th, Berkshire Hathaway Inc sold 3,966,178 shares of Bank of America stock. The stock was sold at an average price of $39.58, for a total value of $156,981,325.24.

Bank of America Stock Down 0.4 %

Bank of America stock opened at $42.61 on Friday. 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 market cap of $333.23 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The firm’s 50-day simple moving average is $39.81 and its 200 day simple moving average is $39.38.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. Bank of America’s revenue was up .4% on a year-over-year basis. During the same period last year, the business posted $0.90 earnings per share. Research analysts predict that Bank of America Co. will post 3.25 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.44%. Bank of America’s payout ratio is currently 35.99%.

Bank of America announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

BAC has been the topic of a number of recent analyst reports. Jefferies Financial Group upped their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Oppenheimer boosted their price target on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday. 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 company. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $42.62.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BAC. Accurate Wealth Management LLC raised its holdings in shares of Bank of America by 1.9% in the 3rd quarter. Accurate Wealth Management LLC now owns 34,140 shares of the financial services provider’s stock worth $1,438,000 after purchasing an additional 641 shares during the period. Net Worth Advisory Group bought a new stake in shares of Bank of America in the third quarter valued at $232,000. Precedent Wealth Partners LLC grew its stake in shares of Bank of America by 18.2% during the 3rd quarter. Precedent Wealth Partners LLC now owns 33,864 shares of the financial services provider’s stock worth $1,344,000 after acquiring an additional 5,222 shares during the period. Aspiriant LLC increased its holdings in Bank of America by 1.4% in the 3rd quarter. Aspiriant LLC now owns 34,690 shares of the financial services provider’s stock worth $1,376,000 after acquiring an additional 485 shares during the last quarter. Finally, Trust Point Inc. raised its stake in Bank of America by 10.5% in the 3rd quarter. Trust Point Inc. now owns 37,975 shares of the financial services provider’s stock valued at $1,507,000 after acquiring an additional 3,607 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

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.