Berkshire Hathaway Inc Sells 4,941,403 Shares of Bank of America Co. (NYSE:BAC) Stock

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 4,941,403 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $39.94, for a total transaction of $197,359,635.82. Following the transaction, the insider now directly owns 820,719,071 shares of the company’s stock, valued at approximately $32,779,519,695.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own at least 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 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 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 transaction of $156,981,325.24.
• On Monday, September 9th, Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock. The stock was 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 stock was 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 transaction 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 transaction of $282,888,946.25.
• On Monday, August 26th, Berkshire Hathaway Inc sold 10,975,008 shares of Bank of America stock. The stock was sold at an average price of $39.87, for a total transaction of $437,573,568.96.
• On Friday, August 23rd, Berkshire Hathaway Inc sold 6,754,272 shares of Bank of America stock. The stock was sold at an average price of $39.79, for a total value of $268,752,482.88.
• On Monday, August 19th, Berkshire Hathaway Inc sold 5,035,018 shares of Bank of America stock. The shares were sold at an average price of $39.65, for a total value of $199,638,463.70.

Bank of America Stock Up 0.7 %

Shares of NYSE BAC opened at $39.52 on Friday. The firm has a fifty day simple moving average of $39.76 and a two-hundred day simple moving average of $38.97. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $309.06 billion, a PE ratio of 13.67, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33.

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

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 given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.63%. Bank of America’s payout ratio is currently 35.99%.

Bank of America declared that its board has initiated a share repurchase program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent research reports. Barclays increased their price target on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Evercore ISI lifted their target price on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Tuesday, September 3rd. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. One 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

Hedge Funds Weigh In On Bank of America

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brio Consultants LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $227,000. Gilbert & Cook Inc. raised its stake in Bank of America by 4.0% during 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 during the last quarter. Rollins Financial boosted its holdings 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 worth $14,879,000 after acquiring an additional 48,998 shares in the last quarter. Gryphon Financial Partners LLC grew its stake in shares of Bank of America by 44.4% in the fourth quarter. Gryphon Financial Partners LLC now owns 11,664 shares of the financial services provider’s stock worth $393,000 after acquiring an additional 3,585 shares during the last quarter. Finally, Aigen Investment Management LP bought a new position in shares of Bank of America during the fourth quarter valued at $237,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.