Saxon Interests Inc. Lowers Stock Holdings in Bank of America Co. (NYSE:BAC)

Saxon Interests Inc. trimmed its stake in Bank of America Co. (NYSE:BAC) by 6.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,224 shares of the financial services provider’s stock after selling 504 shares during the period. Saxon Interests Inc.’s holdings in Bank of America were worth $287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Ethos Financial Group LLC boosted its position in Bank of America by 6.2% in the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock valued at $285,000 after buying an additional 492 shares during the period. Auxano Advisors LLC lifted its position in shares of Bank of America by 234.5% in the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after purchasing an additional 19,179 shares during the period. DiNuzzo Private Wealth Inc. purchased a new stake in shares of Bank of America in the 4th quarter worth approximately $105,000. Concord Wealth Partners lifted its position in shares of Bank of America by 10.2% in the 4th quarter. Concord Wealth Partners now owns 55,259 shares of the financial services provider’s stock worth $1,861,000 after purchasing an additional 5,103 shares during the period. Finally, Barometer Capital Management Inc. purchased a new stake in shares of Bank of America in the 4th quarter worth approximately $2,175,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction on 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction 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 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. Insiders have sold 56,549,666 shares of company stock valued at $2,403,801,723 in the last ninety days. Insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research reports. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. 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. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $48.00 price objective (up previously from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $42.07.

Bank of America Stock Performance

Bank of America stock traded up $0.31 during mid-day trading on Friday, reaching $39.34. 26,886,616 shares of the company traded hands, compared to its average volume of 39,278,254. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. 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 $307.65 billion, a price-to-earnings ratio of 13.61, a price-to-earnings-growth ratio of 1.41 and a beta of 1.35. The firm’s fifty day moving average is $40.20 and its two-hundred day moving average is $37.86.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 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 net margin of 13.28% and a return on equity of 10.56%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 EPS. On average, equities research analysts expect that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a share buyback program 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 repurchase up to 7.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a $0.26 dividend. 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 2.64%. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio is 35.99%.

Bank of America Company 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.