Bank of America Co. (NYSE:BAC) Shares Sold by Peddock Capital Advisors LLC

Peddock Capital Advisors LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 5.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 77,926 shares of the financial services provider’s stock after selling 4,151 shares during the period. Bank of America comprises about 0.8% of Peddock Capital Advisors LLC’s holdings, making the stock its 27th largest position. Peddock Capital Advisors LLC’s holdings in Bank of America were worth $3,099,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in BAC. International Assets Investment Management LLC purchased a new position in shares of Bank of America during the fourth quarter worth about $3,502,000. Tennessee Valley Asset Management Partners purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $63,000. SVB Wealth LLC increased its holdings in shares of Bank of America by 7.1% in the fourth quarter. SVB Wealth LLC now owns 150,105 shares of the financial services provider’s stock valued at $5,054,000 after purchasing an additional 9,946 shares during the period. Wealth Alliance increased its holdings in shares of Bank of America by 8.3% in the fourth quarter. Wealth Alliance now owns 20,973 shares of the financial services provider’s stock valued at $706,000 after purchasing an additional 1,604 shares during the period. Finally, Avior Wealth Management LLC raised its stake in shares of Bank of America by 2.4% during the fourth quarter. Avior Wealth Management LLC now owns 91,792 shares of the financial services provider’s stock worth $3,091,000 after purchasing an additional 2,113 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the transaction, the insider now owns 998,961,079 shares of the company’s stock, valued at approximately $43,085,191,337.27. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares in the company, valued at approximately $43,085,191,337.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the company’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 of the company’s stock, valued at approximately $402,577.37. The disclosure for this sale can be found here. Insiders sold a total of 56,549,666 shares of company stock valued at $2,403,801,723 over the last 90 days. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BAC. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Friday, April 19th. Piper Sandler Companies raised shares of 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. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $48.00 price objective (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Finally, Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.07.

Bank of America Price Performance

BAC stock traded up $0.31 on Friday, reaching $39.34. The company had a trading volume of 26,886,616 shares, compared to its average volume of 39,278,254. The company’s fifty day moving average is $40.20 and its 200 day moving average is $37.86. The company has a market cap of $307.65 billion, a P/E ratio of 13.61, a PEG ratio of 1.41 and a beta of 1.35. 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 1 year low of $24.96 and a 1 year high of $44.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The business’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the business earned $0.88 earnings per share. On average, research analysts forecast that Bank of America Co. will post 3.27 earnings per share for the current year.

Bank of America declared that its Board of Directors has authorized a stock repurchase program 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 shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued 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 dividend on an annualized basis and a dividend yield of 2.64%. Bank of America’s payout ratio is 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.