Bank of America Co. (NYSE:BAC) Shares Sold by Carolinas Wealth Consulting LLC

Carolinas Wealth Consulting LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 1.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,387 shares of the financial services provider’s stock after selling 958 shares during the period. Carolinas Wealth Consulting LLC’s holdings in Bank of America were worth $2,680,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BAC. Brio Consultants LLC acquired a new stake in Bank of America in the fourth quarter valued at $227,000. Gilbert & Cook Inc. raised its stake in Bank of America by 4.0% in the fourth quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock valued at $585,000 after buying an additional 662 shares in the last quarter. Rollins Financial raised its stake in Bank of America by 12.5% in the fourth quarter. Rollins Financial now owns 441,919 shares of the financial services provider’s stock valued at $14,879,000 after buying an additional 48,998 shares in the last quarter. Gryphon Financial Partners LLC increased its position in shares of Bank of America by 44.4% during the fourth quarter. Gryphon Financial Partners LLC now owns 11,664 shares of the financial services provider’s stock worth $393,000 after purchasing an additional 3,585 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its position in shares of Bank of America by 19.7% in the 4th quarter. Hillsdale Investment Management Inc. now owns 9,765 shares of the financial services provider’s stock valued at $329,000 after purchasing an additional 1,610 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $39.57, for a total value of $68,114,452.62. Following the completion of the transaction, the insider now directly owns 861,175,131 shares in the company, valued at $34,076,699,933.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $39.57, for a total value of $68,114,452.62. Following the transaction, the insider now owns 861,175,131 shares of the company’s stock, valued at $34,076,699,933.67. The disclosure for this sale can be found here. Over the last three months, insiders sold 114,391,986 shares of company stock worth $4,719,796,383. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on BAC shares. Evercore ISI increased their price objective on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. BMO Capital Markets upped their price objective on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Barclays upped their price objective on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Royal Bank of Canada upped their price objective on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Finally, Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

Bank of America Price Performance

BAC stock opened at $39.58 on Wednesday. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The stock’s fifty day simple moving average is $40.07 and its 200-day simple moving average is $38.80. 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 stock has a market capitalization of $309.53 billion, a price-to-earnings ratio of 13.70, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33.

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

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 usually an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

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

Bank of America Company 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.