Prestige Wealth Management Group LLC Buys 29,388 Shares of Bank of America Co. (NYSE:BAC)

Prestige Wealth Management Group LLC raised its stake in Bank of America Co. (NYSE:BAC) by 83.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 64,592 shares of the financial services provider’s stock after purchasing an additional 29,388 shares during the period. Prestige Wealth Management Group LLC’s holdings in Bank of America were worth $2,569,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of Bank of America in the 4th quarter worth approximately $3,734,407,000. Vanguard Group Inc. lifted its position in Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after purchasing an additional 36,124,363 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Bank of America by 360.9% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after buying an additional 29,198,846 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after buying an additional 9,879,524 shares during the period. Finally, AMF Tjanstepension AB raised its stake in shares of Bank of America by 959.6% in the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock valued at $370,948,000 after buying an additional 8,447,091 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the sale, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,670,620 shares of company stock valued at $4,651,681,930. 0.29% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. BMO Capital Markets lifted their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Piper Sandler Companies upgraded 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. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Cfra reaffirmed a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.22.

Bank of America Trading Down 2.8 %

NYSE:BAC traded down $1.11 on Friday, hitting $38.76. 47,007,588 shares of the stock were exchanged, compared to its average volume of 39,322,148. The stock has a market capitalization of $303.12 billion, a price-to-earnings ratio of 13.41, a P/E/G ratio of 1.46 and a beta of 1.33. 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 company’s 50-day moving average price is $40.30 and its 200 day moving average price is $38.52.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same period in the prior year, the business posted $0.88 earnings per share. Bank of America’s revenue was up .7% compared to the same quarter last year. On average, equities research analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America declared that its Board of Directors has authorized a share buyback program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are often 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. This represents a $1.04 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date is Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is currently 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.