SkyOak Wealth LLC Sells 517 Shares of Bank of America Co. (NYSE:BAC)

SkyOak Wealth LLC lessened its position in shares of Bank of America Co. (NYSE:BAC) by 1.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,579 shares of the financial services provider’s stock after selling 517 shares during the quarter. SkyOak Wealth LLC’s holdings in Bank of America were worth $1,614,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. First Washington CORP raised its stake in Bank of America by 1.4% in the second quarter. First Washington CORP now owns 160,845 shares of the financial services provider’s stock valued at $6,397,000 after buying an additional 2,243 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in Bank of America by 19.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 605,226 shares of the financial services provider’s stock worth $23,265,000 after purchasing an additional 97,515 shares during the last quarter. Tredje AP fonden increased its stake in Bank of America by 6.6% during the 2nd quarter. Tredje AP fonden now owns 1,665,250 shares of the financial services provider’s stock valued at $66,227,000 after purchasing an additional 102,700 shares in the last quarter. Argent Trust Co lifted its stake in shares of Bank of America by 2.4% during the second quarter. Argent Trust Co now owns 265,637 shares of the financial services provider’s stock worth $10,564,000 after buying an additional 6,131 shares during the period. Finally, Purus Wealth Management LLC purchased a new stake in shares of Bank of America during the second quarter valued at $205,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the business’s stock in a transaction dated 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 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the completion of 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 document filed with the SEC, which is accessible through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were 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 owns 10,907 shares in the company, valued at $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 worth $4,719,796,383 in the last quarter. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on BAC shares. BMO Capital Markets boosted their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. 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. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $48.00 target price (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. One equities research 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 company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $42.22.

Bank of America Stock Up 1.2 %

NYSE BAC opened at $39.58 on Wednesday. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The business has a fifty day moving average price of $40.07 and a 200 day moving average price of $38.80. The company has a market cap of $309.53 billion, a P/E ratio of 13.70, a P/E/G ratio of 1.40 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results 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. 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 for the quarter, compared to the consensus estimate of $25.22 billion. During the same period last year, the firm posted $0.88 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. Research analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America declared that its board has approved a stock repurchase 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 purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is 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 given 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 dividend on an annualized basis and a yield of 2.63%. Bank of America’s dividend payout ratio (DPR) is presently 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.