Bank of America Co. (NYSE:BAC) Major Shareholder Sells $154,725,779.52 in Stock

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 3,915,126 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $39.52, for a total value of $154,725,779.52. Following the completion of the transaction, the insider now owns 802,668,860 shares in the company, valued at $31,721,473,347.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Wednesday, September 25th, Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock. The stock was sold at an average price of $39.27, for a total value of $90,533,647.05.
• On Monday, September 23rd, Berkshire Hathaway Inc sold 4,941,403 shares of Bank of America stock. The shares were sold at an average price of $39.94, for a total value of $197,359,635.82.
• On Thursday, September 19th, Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock. The shares were sold at an average price of $40.78, for a total value of $465,811,996.80.
• On Tuesday, September 17th, Berkshire Hathaway Inc sold 3,966,178 shares of Bank of America stock. The shares were sold at an average price of $39.58, for a total value of $156,981,325.24.
• On Monday, September 9th, Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock. The shares were sold at an average price of $39.57, for a total value of $68,114,452.62.
• On Thursday, September 5th, Berkshire Hathaway Inc sold 5,031,014 shares of Bank of America stock. The shares were sold at an average price of $40.28, for a total value of $202,649,243.92.
• On Tuesday, September 3rd, Berkshire Hathaway Inc sold 8,031,639 shares of Bank of America stock. The shares were sold at an average price of $40.66, for a total value of $326,566,441.74.
• On Friday, August 30th, Berkshire Hathaway Inc sold 7,938,699 shares of Bank of America stock. The shares were sold at an average price of $40.61, for a total value of $322,390,566.39.
• On Wednesday, August 28th, Berkshire Hathaway Inc sold 7,081,075 shares of Bank of America stock. The shares were sold at an average price of $39.95, for a total value of $282,888,946.25.
• On Monday, August 26th, Berkshire Hathaway Inc sold 10,975,008 shares of Bank of America stock. The shares were sold at an average price of $39.87, for a total value of $437,573,568.96.

Bank of America Stock Down 0.3 %

Shares of NYSE BAC opened at $39.40 on Monday. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The business has a 50-day simple moving average of $39.62 and a two-hundred day simple moving average of $39.04. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market cap of $308.12 billion, a P/E ratio of 13.63, a P/E/G ratio of 1.37 and a beta of 1.33.

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

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend was Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Bank of America announced that its Board of Directors has initiated a share buyback plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

BAC has been the subject of several research analyst reports. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Evercore ISI raised their target price on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Royal Bank of Canada raised their target price on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Finally, Jefferies Financial Group increased their price target on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.22.

Institutional Trading of Bank of America

A number of large investors have recently modified their holdings of the business. McAdam LLC raised its position in shares of Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 238 shares in the last quarter. BTC Capital Management Inc. raised its position in shares of Bank of America by 1.2% in 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 in the last quarter. Central Bank & Trust Co. raised its position in shares of Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 248 shares in the last quarter. SNS Financial Group LLC raised its position in shares of Bank of America by 3.3% in the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after acquiring an additional 248 shares in the last quarter. Finally, Verdence Capital Advisors LLC raised its position in shares of Bank of America by 0.3% in the 2nd quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after acquiring an additional 251 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

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.