Bank of America Co. (NYSE:BAC) Shares Sold by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co reduced its stake in Bank of America Co. (NYSE:BAC) by 6.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 607,160 shares of the financial services provider’s stock after selling 43,623 shares during the period. Bank of America accounts for about 0.6% of Elo Mutual Pension Insurance Co’s investment portfolio, making the stock its 29th biggest holding. Elo Mutual Pension Insurance Co’s holdings in Bank of America were worth $24,147,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Delos Wealth Advisors LLC increased its holdings in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares during the period. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the second quarter valued at approximately $27,000. Livelsberger Financial Advisory bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $28,000. POM Investment Strategies LLC boosted its position in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC acquired a new stake in Bank of America in the 2nd quarter valued at approximately $30,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent analyst reports. Piper Sandler Companies raised 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 research note on Tuesday, July 9th. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Morgan Stanley upped 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. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, September 3rd. Finally, Evercore ISI lifted their target price on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $42.22.

Bank of America Price Performance

NYSE:BAC opened at $39.58 on Wednesday. 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 one year low of $24.96 and a one year high of $44.44. The company has a fifty day moving average price of $40.07 and a 200 day moving average price of $38.80. The stock has a market cap of $309.53 billion, a P/E ratio of 13.70, a PEG ratio of 1.40 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter last year, the company earned $0.88 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, September 6th. This is a boost 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 2.63%. Bank of America’s payout ratio is currently 35.99%.

Bank of America declared that its board has initiated a share repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of Bank of America 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 owns 10,907 shares in the company, valued at $402,577.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, 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 value of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the transaction, the insider now owns 861,175,131 shares of the company’s stock, valued at approximately $34,076,699,933.67. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 114,391,986 shares of company stock worth $4,719,796,383. 0.29% of the stock is owned by corporate 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.