Bank of America Co. (NYSE:BAC) Major Shareholder Berkshire Hathaway Inc Sells 8,694,538 Shares of Stock

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total value of $369,952,591.90. Following the completion of the transaction, the insider now owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Wednesday, October 9th, Berkshire Hathaway Inc sold 4,002,225 shares of Bank of America stock. The stock was sold at an average price of $40.14, for a total value of $160,649,311.50.
• On Monday, October 7th, Berkshire Hathaway Inc sold 4,076,169 shares of Bank of America stock. The stock was sold at an average price of $40.05, for a total transaction of $163,250,568.45.
• On Friday, October 4th, Berkshire Hathaway Inc sold 5,192,207 shares of Bank of America stock. The shares were sold at an average price of $40.04, for a total transaction of $207,895,968.28.
• On Wednesday, October 2nd, Berkshire Hathaway Inc sold 1,722,523 shares of Bank of America stock. The shares were sold at an average price of $39.40, for a total transaction of $67,867,406.20.
• On Monday, September 30th, Berkshire Hathaway Inc sold 4,985,553 shares of Bank of America stock. The shares were sold at an average price of $39.61, for a total value of $197,477,754.33.
• On Friday, September 27th, Berkshire Hathaway Inc sold 3,915,126 shares of Bank of America stock. The stock was sold at an average price of $39.52, for a total value of $154,725,779.52.
• On Wednesday, September 25th, Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock. The shares were 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 stock was sold at an average price of $39.94, for a total transaction of $197,359,635.82.
• On Thursday, September 19th, Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80.
• On Tuesday, September 17th, Berkshire Hathaway Inc sold 3,966,178 shares of Bank of America stock. The stock was sold at an average price of $39.58, for a total value of $156,981,325.24.

Bank of America Stock Down 0.4 %

BAC stock opened at $42.61 on Friday. The company has a market cap of $333.23 billion, a price-to-earnings ratio of 14.74, a P/E/G ratio of 1.39 and a beta of 1.33. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The business has a 50 day moving average price of $39.81 and a two-hundred day moving average price of $39.38. 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 announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the firm posted $0.90 EPS. Analysts anticipate that Bank of America Co. will post 3.25 EPS for the current fiscal year.

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

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.44%. Bank of America’s dividend payout ratio is currently 35.99%.

Hedge Funds Weigh In On Bank of America

Several institutional investors and hedge funds have recently made changes to their positions in the company. Delos Wealth Advisors LLC grew its holdings in 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 valued at $26,000 after buying an additional 547 shares in the last quarter. Fairway Wealth LLC bought a new position in Bank of America during the second quarter worth about $27,000. POM Investment Strategies LLC raised its stake in 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 worth $29,000 after purchasing an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC bought a new stake in Bank of America in the 2nd quarter valued at about $30,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the 1st quarter worth approximately $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Seaport Res Ptn upgraded shares of 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 $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday. Keefe, Bruyette & Woods boosted their target price on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday. Barclays upped their target price on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, 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. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.62.

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.