Madison Wealth Partners Inc Sells 400 Shares of Bank of America Co. (NYSE:BAC)

Madison Wealth Partners Inc decreased its position in shares of Bank of America Co. (NYSE:BAC) by 1.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,020 shares of the financial services provider’s stock after selling 400 shares during the period. Madison Wealth Partners Inc’s holdings in Bank of America were worth $836,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Sargent Investment Group LLC increased its holdings in shares of Bank of America by 27.6% during the 2nd quarter. Sargent Investment Group LLC now owns 52,308 shares of the financial services provider’s stock worth $2,080,000 after purchasing an additional 11,325 shares during the period. Old West Investment Management LLC increased its stake in Bank of America by 233.9% during the second quarter. Old West Investment Management LLC now owns 71,534 shares of the financial services provider’s stock valued at $2,845,000 after acquiring an additional 50,108 shares during the period. Edgestream Partners L.P. acquired a new position in Bank of America in the 2nd quarter valued at approximately $257,000. Lmcg Investments LLC lifted its position in shares of Bank of America by 3.2% in the 2nd quarter. Lmcg Investments LLC now owns 282,037 shares of the financial services provider’s stock worth $11,217,000 after acquiring an additional 8,731 shares during the period. Finally, Luts & Greenleigh Group Inc. acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $227,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock opened at $39.10 on Tuesday. The firm’s 50 day moving average price is $40.11 and its two-hundred day moving average price is $38.77. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The stock has a market cap of $305.78 billion, a PE ratio of 13.53, a PEG ratio of 1.40 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. The business had revenue of $25.38 billion for the quarter, compared to analyst estimates 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 was up .7% on a year-over-year basis. During the same period last year, the company earned $0.88 EPS. As a group, analysts forecast that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America declared that its board has authorized a stock buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.66%. Bank of America’s dividend payout ratio is 35.99%.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the transaction, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the business’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91. Following the completion of the transaction, the insider now directly owns 998,961,079 shares of the company’s stock, valued at $43,085,191,337.27. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. 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 ninety days. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on BAC shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $48.00 target price (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, September 3rd. Barclays boosted 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. BMO Capital Markets raised their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Finally, Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock 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 assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America 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.