Bank of America Co. (NYSE:BAC) Shares Sold by Marble Harbor Investment Counsel LLC

Marble Harbor Investment Counsel LLC trimmed its position in shares of Bank of America Co. (NYSE:BAC) by 5.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,275 shares of the financial services provider’s stock after selling 1,000 shares during the period. Marble Harbor Investment Counsel LLC’s holdings in Bank of America were worth $687,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. McAdam LLC grew its stake in shares of Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 238 shares during the period. BTC Capital Management Inc. grew its position in Bank of America by 1.2% in the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after acquiring an additional 248 shares during the period. Central Bank & Trust Co. raised its stake in Bank of America by 15.1% during the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 248 shares in the last quarter. SNS Financial Group LLC lifted its holdings in shares of Bank of America by 3.3% during the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after acquiring an additional 248 shares during the period. Finally, Verdence Capital Advisors LLC boosted its stake in shares of Bank of America by 0.3% in the 2nd quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock valued at $3,742,000 after purchasing an additional 251 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC opened at $38.65 on Monday. 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 stock has a market cap of $299.91 billion, a P/E ratio of 13.37, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. The stock’s 50-day moving average price is $40.14 and its two-hundred day moving average price is $38.74. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44.

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

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

Bank of America Increases Dividend

The firm 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 an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio is 35.99%.

Insider Transactions at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $39.57, for a total value of $68,114,452.62. Following the completion of the transaction, the insider now directly owns 861,175,131 shares of the company’s stock, valued at approximately $34,076,699,933.67. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America 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 completion of the sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. The disclosure for this sale can be found here. Insiders have sold a total of 114,391,986 shares of company stock valued at $4,719,796,383 over the last 90 days. 0.29% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BAC. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 price target (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Royal Bank of Canada lifted their price objective on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Finally, Cfra restated a “sell” rating and set a $39.00 target price on shares of Bank of America in a report on Tuesday, July 16th. One investment 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 stock. Based on data from MarketBeat.com, the company has an average 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.