Bank of America Co. (NYSE:BAC) Holdings Cut by BBR Partners LLC

BBR Partners LLC reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 8.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,515 shares of the financial services provider’s stock after selling 760 shares during the period. BBR Partners LLC’s holdings in Bank of America were worth $339,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. McAdam LLC grew its position in shares of Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after buying an additional 238 shares during the period. BTC Capital Management Inc. boosted its stake in Bank of America by 1.2% during the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after acquiring an additional 248 shares during the last quarter. Central Bank & Trust Co. grew its holdings in Bank of America by 15.1% during the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 248 shares during the period. SNS Financial Group LLC raised its holdings in Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 248 shares during the period. Finally, Verdence Capital Advisors LLC boosted its position in shares of Bank of America by 0.3% during the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after purchasing an additional 251 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s 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 completion of the sale, the insider now 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other 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 owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following 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. Insiders sold a total of 112,670,620 shares of company stock valued at $4,651,681,930 over the last three months. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on BAC shares. Barclays upped their price objective on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $48.00 price target (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Morgan Stanley lifted their price objective on Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. BMO Capital Markets increased their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Finally, Cfra reaffirmed a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

Bank of America Trading Down 0.9 %

NYSE BAC opened at $40.13 on Friday. The company has a market cap of $313.83 billion, a PE ratio of 13.89, a PEG ratio of 1.46 and a beta of 1.35. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The stock has a 50 day moving average of $40.32 and a 200-day moving average of $38.46. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

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. The company had revenue of $25.38 billion during 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%. During the same quarter last year, the firm posted $0.88 EPS. The company’s quarterly revenue was up .7% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America announced that its board has initiated a share buyback plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership 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. Shareholders of record on Friday, September 6th will be paid a $0.26 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.59%. Bank of America’s dividend payout ratio is currently 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.