Liberty Wealth Management LLC Purchases 12,064 Shares of Bank of America Co. (NYSE:BAC)

Liberty Wealth Management LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 44.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,036 shares of the financial services provider’s stock after acquiring an additional 12,064 shares during the period. Liberty Wealth Management LLC’s holdings in Bank of America were worth $1,552,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Delos Wealth Advisors LLC lifted its position in Bank of America by 402.2% during 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 last quarter. Livelsberger Financial Advisory purchased a new stake in shares of Bank of America during the 4th quarter valued at about $28,000. POM Investment Strategies LLC lifted its holdings in shares of Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC purchased a new position in Bank of America in the second quarter worth about $30,000. Finally, Northwest Investment Counselors LLC bought a new stake in Bank of America during the first quarter worth approximately $33,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 1.8 %

NYSE BAC opened at $39.47 on Tuesday. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. 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 company has a market capitalization of $306.27 billion, a price-to-earnings ratio of 13.66, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The company’s 50-day simple moving average is $40.29 and its two-hundred day simple moving average is $38.60.

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 company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. Bank of America’s revenue was up .7% compared to the same quarter last year. During the same period last year, the company posted $0.88 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.63%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s payout ratio is presently 35.99%.

Bank of America announced that its board has approved a share repurchase 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 purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

BAC has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. Cfra reaffirmed a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. BMO Capital Markets boosted their price objective on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.22.

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 stock was 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 $44,958,509,063.91. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction 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 completion of the sale, 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 112,670,620 shares of company stock worth $4,651,681,930 in the last three months. 0.29% of the stock is owned by insiders.

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.