Black Diamond Financial LLC Has $916,000 Stock Holdings in Bank of America Co. (NYSE:BAC)

Black Diamond Financial LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 6.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 23,032 shares of the financial services provider’s stock after purchasing an additional 1,397 shares during the quarter. Black Diamond Financial LLC’s holdings in Bank of America were worth $916,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the transaction, the insider now directly owns 861,175,131 shares in the company, valued at approximately $34,076,699,933.67. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $39.57, for a total value of $68,114,452.62. Following the transaction, the insider now directly owns 861,175,131 shares in the company, valued at approximately $34,076,699,933.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The disclosure for this sale can be found here. In the last ninety days, insiders sold 114,391,986 shares of company stock valued at $4,719,796,383. Company insiders own 0.29% of the company’s stock.

Bank of America Stock Down 0.3 %

Shares of NYSE BAC opened at $38.65 on Monday. The business has a fifty day moving average of $40.14 and a two-hundred day moving average of $38.74. 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 $299.91 billion, a PE ratio of 13.37, a PEG ratio of 1.40 and a beta of 1.33.

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 company had revenue of $25.38 billion during the quarter, compared to analyst estimates 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 revenue was up .7% on a year-over-year basis. During the same quarter last year, the business posted $0.88 earnings per share. As a group, equities research analysts expect that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock 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 disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a dividend of $0.26 per share. This is an increase 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 2.69%. Bank of America’s dividend payout ratio is currently 35.99%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Cfra reiterated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Barclays raised their price objective on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Morgan Stanley upped their target price on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $48.00 price objective (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. One equities 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently 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.