Bank of America Co. (NYSE:BAC) Shares Sold by Capital Management Associates NY

Capital Management Associates NY lessened its stake in Bank of America Co. (NYSE:BAC) by 7.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,603 shares of the financial services provider’s stock after selling 635 shares during the quarter. Capital Management Associates NY’s holdings in Bank of America were worth $302,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Delos Wealth Advisors LLC lifted its holdings in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the last quarter. Livelsberger Financial Advisory acquired a new stake in shares of Bank of America during the 4th quarter valued at approximately $28,000. POM Investment Strategies LLC lifted its stake in 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 purchasing an additional 646 shares during the last quarter. Bbjs Financial Advisors LLC acquired a new position in Bank of America in the second quarter worth $30,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the first quarter worth $33,000. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

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

Analyst Ratings Changes

A number of brokerages recently weighed in on BAC. Jefferies Financial Group boosted their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Royal Bank of Canada increased their price target on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. BMO Capital Markets boosted their price objective on 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. Barclays increased their target price on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Trading Down 0.4 %

Shares of Bank of America stock opened at $39.30 on Wednesday. The business has a fifty day simple moving average of $40.25 and a 200-day simple moving average of $38.64. The firm has a market cap of $304.95 billion, a price-to-earnings ratio of 13.60, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. 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 quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings data 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 company had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. During the same quarter last year, the firm posted $0.88 EPS. The business’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts forecast that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock repurchase program 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 shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The business 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is 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 is 35.99%.

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.