Wesbanco Bank Inc. Has $1.57 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Wesbanco Bank Inc. cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,442 shares of the financial services provider’s stock after selling 289 shares during the period. Wesbanco Bank Inc.’s holdings in Bank of America were worth $1,569,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of BAC. Csenge Advisory Group grew its position in Bank of America by 6.6% during the 2nd quarter. Csenge Advisory Group now owns 43,531 shares of the financial services provider’s stock worth $1,731,000 after acquiring an additional 2,713 shares during the last quarter. JCIC Asset Management Inc. grew its holdings in shares of Bank of America by 10.8% during the second quarter. JCIC Asset Management Inc. now owns 7,075 shares of the financial services provider’s stock worth $281,000 after purchasing an additional 690 shares during the last quarter. Indiana Trust & Investment Management CO increased its stake in shares of Bank of America by 73.3% in the second quarter. Indiana Trust & Investment Management CO now owns 7,100 shares of the financial services provider’s stock valued at $282,000 after buying an additional 3,003 shares during the period. Fortitude Family Office LLC raised its holdings in Bank of America by 21.3% in the 2nd quarter. Fortitude Family Office LLC now owns 19,528 shares of the financial services provider’s stock valued at $777,000 after buying an additional 3,433 shares during the last quarter. Finally, Simplicity Wealth LLC boosted its position in Bank of America by 9.2% during the 2nd quarter. Simplicity Wealth LLC now owns 176,710 shares of the financial services provider’s stock worth $7,028,000 after buying an additional 14,887 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.3 %

Shares of NYSE:BAC opened at $38.11 on Friday. The firm has a market cap of $298.03 billion, a P/E ratio of 13.22, a PEG ratio of 1.41 and a beta of 1.35. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The business’s 50 day simple moving average is $40.34 and its two-hundred day simple moving average is $37.60. 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 (NYSE:BAC) last issued its earnings results 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 return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same period last year, the business earned $0.88 EPS. Bank of America’s quarterly revenue was up .7% compared to the same quarter last year. As a group, research analysts forecast that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has approved a share buyback program on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.73%. Bank of America’s payout ratio is presently 35.99%.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,549,666 shares of company stock valued at $2,403,801,723. 0.29% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

BAC has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price target on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Oppenheimer increased their price target on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. Cfra reaffirmed a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. Finally, Morgan Stanley increased their target price on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.07.

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.