13,141 Shares in Bank of America Co. (NYSE:BAC) Purchased by True Vision MN LLC

True Vision MN LLC purchased a new position in shares of Bank of America Co. (NYSE:BAC) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 13,141 shares of the financial services provider’s stock, valued at approximately $523,000.

A number of other institutional investors also recently bought and sold shares of the company. Meridian Wealth Partners LLC increased its stake in Bank of America by 7.7% during the second quarter. Meridian Wealth Partners LLC now owns 8,303 shares of the financial services provider’s stock worth $330,000 after acquiring an additional 595 shares during the last quarter. E Fund Management Co. Ltd. increased its stake in Bank of America by 16.3% during the second quarter. E Fund Management Co. Ltd. now owns 45,322 shares of the financial services provider’s stock worth $1,802,000 after acquiring an additional 6,355 shares during the last quarter. Bradley Foster & Sargent Inc. CT increased its stake in Bank of America by 1.7% during the second quarter. Bradley Foster & Sargent Inc. CT now owns 275,411 shares of the financial services provider’s stock worth $10,953,000 after acquiring an additional 4,723 shares during the last quarter. Axxcess Wealth Management LLC increased its stake in Bank of America by 10.0% during the second quarter. Axxcess Wealth Management LLC now owns 182,354 shares of the financial services provider’s stock worth $7,252,000 after acquiring an additional 16,606 shares during the last quarter. Finally, Fairway Wealth LLC acquired a new stake in Bank of America during the second quarter worth $27,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Cfra reaffirmed a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Royal Bank of Canada lifted their target price on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Stock Up 1.2 %

Bank of America stock opened at $39.58 on Wednesday. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week 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 $309.53 billion, a P/E ratio of 13.70, a PEG ratio of 1.40 and a beta of 1.33. The stock has a 50-day simple moving average of $40.07 and a 200-day simple moving average of $38.80.

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 the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.88 EPS. Equities research analysts expect that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

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

Bank of America announced that its Board of Directors has approved a stock buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $559,278,840.51. Following the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The disclosure for this sale can be found here. Insiders have sold 114,391,986 shares of company stock worth $4,719,796,383 in the last quarter. Company insiders own 0.29% 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.