Bank of America Co. (NYSE:BAC) Shares Sold by Cohen Investment Advisors LLC

Cohen Investment Advisors LLC reduced its stake in Bank of America Co. (NYSE:BAC) by 6.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 73,215 shares of the financial services provider’s stock after selling 5,253 shares during the quarter. Bank of America accounts for 2.0% of Cohen Investment Advisors LLC’s investment portfolio, making the stock its 17th biggest holding. Cohen Investment Advisors LLC’s holdings in Bank of America were worth $2,912,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Delos Wealth Advisors LLC lifted its position in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the period. Livelsberger Financial Advisory acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $28,000. POM Investment Strategies LLC boosted its stake in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC purchased a new position in Bank of America in the second quarter worth $30,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America in the first quarter valued at $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the sale, the insider now directly owns 928,460,939 shares in the company, valued at approximately $36,813,476,231.35. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the completion of the sale, the insider now owns 928,460,939 shares in the company, valued at approximately $36,813,476,231.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,768,513 shares of company stock valued at $2,807,216,504. Insiders own 0.29% of the company’s stock.

Bank of America Trading Up 0.4 %

NYSE BAC traded up $0.14 during mid-day trading on Monday, reaching $39.92. 44,654,486 shares of the stock were exchanged, compared to its average volume of 39,250,891. The business’s fifty day simple moving average is $40.21 and its 200 day simple moving average is $38.14. 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 capitalization of $312.15 billion, a PE ratio of 13.81, a PEG ratio of 1.41 and a beta of 1.35. 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 announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating 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 business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter in the previous year, the business earned $0.88 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. On average, research analysts anticipate that Bank of America Co. will post 3.27 earnings per share for the current fiscal year.

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

Bank of America Increases Dividend

The business 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 dividend of $0.26 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.61%. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio is presently 35.99%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. BMO Capital Markets increased their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. boosted their price target on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Piper Sandler Companies upgraded 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 report on Tuesday, July 9th. Finally, Morgan Stanley lifted 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. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America 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.