Insider Selling: Bank of America Co. (NYSE:BAC) Major Shareholder Sells $67,867,406.20 in Stock

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 1,722,523 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $39.40, for a total transaction of $67,867,406.20. Following the transaction, the insider now directly owns 794,120,913 shares of the company’s stock, valued at $31,288,363,972.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

• On Monday, September 30th, Berkshire Hathaway Inc sold 4,985,553 shares of Bank of America stock. The stock was sold at an average price of $39.61, for a total value of $197,477,754.33.
• On Friday, September 27th, Berkshire Hathaway Inc sold 3,915,126 shares of Bank of America stock. The stock was sold at an average price of $39.52, for a total value of $154,725,779.52.
• On Wednesday, September 25th, Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock. The stock was sold at an average price of $39.27, for a total transaction of $90,533,647.05.
• On Monday, September 23rd, Berkshire Hathaway Inc sold 4,941,403 shares of Bank of America stock. The stock was sold at an average price of $39.94, for a total transaction of $197,359,635.82.
• On Thursday, September 19th, Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80.
• On Tuesday, September 17th, Berkshire Hathaway Inc sold 3,966,178 shares of Bank of America stock. The shares were sold at an average price of $39.58, for a total value of $156,981,325.24.
• On Monday, September 9th, Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock. The stock was sold at an average price of $39.57, for a total value of $68,114,452.62.
• On Thursday, September 5th, Berkshire Hathaway Inc sold 5,031,014 shares of Bank of America stock. The shares were sold at an average price of $40.28, for a total value of $202,649,243.92.
• On Tuesday, September 3rd, Berkshire Hathaway Inc sold 8,031,639 shares of Bank of America stock. The shares were sold at an average price of $40.66, for a total transaction of $326,566,441.74.
• On Friday, August 30th, Berkshire Hathaway Inc sold 7,938,699 shares of Bank of America stock. The shares were sold at an average price of $40.61, for a total transaction of $322,390,566.39.

Bank of America Stock Up 2.2 %

NYSE BAC opened at $40.11 on Friday. The company has a current ratio of 0.80, a quick 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. The stock’s 50 day moving average is $39.36 and its 200 day moving average is $39.12. The stock has a market cap of $313.68 billion, a PE ratio of 13.88, a P/E/G ratio of 1.37 and a beta of 1.33.

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

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.59%. The ex-dividend date was Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on BAC shares. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Tuesday, September 3rd. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Jefferies Financial Group increased their price objective on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $42.27.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BAC. Allied Investment Advisors LLC grew its stake in shares of Bank of America by 0.9% in the 3rd quarter. Allied Investment Advisors LLC now owns 295,655 shares of the financial services provider’s stock worth $11,732,000 after buying an additional 2,544 shares in the last quarter. Thrive Wealth Management LLC grew its position in Bank of America by 10.6% in the third quarter. Thrive Wealth Management LLC now owns 12,831 shares of the financial services provider’s stock worth $509,000 after acquiring an additional 1,230 shares in the last quarter. MRA Advisory Group increased its stake in Bank of America by 19.9% during the third quarter. MRA Advisory Group now owns 6,416 shares of the financial services provider’s stock worth $255,000 after acquiring an additional 1,067 shares during the last quarter. Rockland Trust Co. raised its position in Bank of America by 0.3% during the third quarter. Rockland Trust Co. now owns 119,639 shares of the financial services provider’s stock valued at $4,747,000 after purchasing an additional 379 shares during the period. Finally, Abacus Wealth Partners LLC purchased a new position in shares of Bank of America in the 3rd quarter worth approximately $217,000. 70.71% of the stock is currently owned by institutional investors.

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.