Bank of America Co. (NYSE:BAC) Holdings Decreased by Hourglass Capital LLC

Hourglass Capital LLC reduced its holdings in Bank of America Co. (NYSE:BAC) by 25.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,017 shares of the financial services provider’s stock after selling 16,000 shares during the period. Hourglass Capital LLC’s holdings in Bank of America were worth $1,870,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Delos Wealth Advisors LLC lifted its position 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 purchasing an additional 547 shares in the last quarter. POM Investment Strategies LLC increased 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 valued at $29,000 after buying an additional 646 shares during the period. Bbjs Financial Advisors LLC purchased a new stake in Bank of America in the 2nd quarter worth approximately $30,000. Livelsberger Financial Advisory purchased a new stake in Bank of America in the 4th quarter worth approximately $28,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the 1st quarter valued at $33,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of Bank of America stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $40.28, for a total value of $202,649,243.92. Following the sale, the insider now directly owns 863,977,599 shares in the company, valued at $34,801,017,687.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,670,620 shares of company stock worth $4,651,681,930. 0.29% of the stock is currently owned by company insiders.

Bank of America Stock Down 0.9 %

Shares of BAC stock opened at $39.76 on Friday. The stock has a 50 day moving average of $40.32 and a 200-day moving average of $38.46. The firm has a market cap of $310.94 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.46 and a beta of 1.35. 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 Co. has a 12 month low of $24.96 and a 12 month high of $44.44.

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

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 24th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board 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. Shareholders of record on Friday, September 6th will be issued a $0.26 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.62%. Bank of America’s dividend payout ratio is 35.99%.

Analyst Ratings Changes

Several analysts recently issued reports on BAC shares. Barclays increased their price objective on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Cfra reissued a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Morgan Stanley raised their price objective on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, BMO Capital Markets boosted their target price on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. One research 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 stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $42.22.

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.