Bank of America Co. (NYSE:BAC) Shares Sold by Ceeto Capital Group LLC

Ceeto Capital Group LLC lessened its stake in Bank of America Co. (NYSE:BAC) by 1.9% in the first quarter, Holdings Channel reports. The institutional investor owned 51,870 shares of the financial services provider’s stock after selling 1,000 shares during the quarter. Ceeto Capital Group LLC’s holdings in Bank of America were worth $1,967,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Delos Wealth Advisors LLC increased its stake in shares of Bank of America by 402.2% in the first 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 bought a new stake in shares of Bank of America in the fourth quarter worth $28,000. Criterion Capital Advisors LLC bought a new stake in shares of Bank of America in the fourth quarter worth $32,000. Northwest Investment Counselors LLC acquired a new position in Bank of America in the first quarter worth $33,000. Finally, Clearstead Trust LLC boosted its holdings in Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 834 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock traded down $0.01 during trading on Friday, hitting $41.67. The company had a trading volume of 52,049,329 shares, compared to its average volume of 36,797,552. The firm has a market capitalization of $325.87 billion, a price-to-earnings ratio of 14.42, a P/E/G ratio of 1.50 and a beta of 1.35. The business has a 50 day moving average of $40.44 and a 200 day moving average of $37.27. 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 current ratio of 0.80, a quick 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, topping the consensus estimate of $0.79 by $0.04. The business 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%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.88 earnings per share. As a group, research analysts predict that Bank of America Co. will post 3.25 earnings per share for the current year.

Bank of America announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase 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.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.50%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is presently 35.99%.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 36,753,983 shares of company stock valued at $1,588,489,324 over the last 90 days. 0.29% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research reports. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a report on Friday, April 19th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Piper Sandler Companies raised shares of 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, Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $41.92.

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.