Nippon Life Global Investors Americas Inc. Raises Holdings in Bank of America Co. (NYSE:BAC)

Nippon Life Global Investors Americas Inc. raised its holdings in Bank of America Co. (NYSE:BAC) by 60.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 278,260 shares of the financial services provider’s stock after purchasing an additional 105,360 shares during the quarter. Nippon Life Global Investors Americas Inc.’s holdings in Bank of America were worth $11,066,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of BAC. Delos Wealth Advisors LLC increased its position in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the last quarter. Fairway Wealth LLC acquired a new stake in Bank of America in the 2nd quarter valued at approximately $27,000. Livelsberger Financial Advisory purchased a new stake in Bank of America in the fourth quarter valued at approximately $28,000. POM Investment Strategies LLC raised its position in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC acquired a new position in Bank of America during the second quarter worth $30,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Berkshire Hathaway Inc sold 12,291,807 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $43.13, for a total transaction of $530,145,635.91. Following the completion of the sale, the insider now owns 998,961,079 shares in the company, valued at $43,085,191,337.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction 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 completion of the transaction, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 129,780,724 shares of company stock worth $5,342,589,705. 0.29% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Cfra reiterated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, September 3rd. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Piper Sandler 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. Finally, Piper Sandler Companies upgraded 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. 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.22.

Bank of America Stock Down 1.5 %

BAC opened at $40.27 on Monday. 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 stock has a market capitalization of $314.93 billion, a P/E ratio of 13.93, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. The business’s 50-day simple moving average is $39.98 and its 200-day simple moving average is $38.91.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The firm’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.88 earnings per share. Analysts anticipate that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America announced that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders 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. This represents a $1.04 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

About Bank of America

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.