Bank of America Co. (NYSE:BAC) Shares Bought by FineMark National Bank & Trust

FineMark National Bank & Trust grew its stake in Bank of America Co. (NYSE:BAC) by 1.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 98,163 shares of the financial services provider’s stock after purchasing an additional 1,169 shares during the quarter. FineMark National Bank & Trust’s holdings in Bank of America were worth $3,904,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of BAC. International Assets Investment Management LLC acquired a new position in Bank of America in the fourth quarter worth $3,502,000. Brio Consultants LLC acquired a new position in shares of Bank of America in the 4th quarter valued at about $227,000. Gilbert & Cook Inc. grew its position in shares of Bank of America by 4.0% during the 4th quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock valued at $585,000 after buying an additional 662 shares during the last quarter. Rollins Financial raised its stake in Bank of America by 12.5% during the fourth quarter. Rollins Financial now owns 441,919 shares of the financial services provider’s stock worth $14,879,000 after acquiring an additional 48,998 shares during the period. Finally, Gryphon Financial Partners LLC lifted its holdings in Bank of America by 44.4% in the fourth quarter. Gryphon Financial Partners LLC now owns 11,664 shares of the financial services provider’s stock worth $393,000 after acquiring an additional 3,585 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Insiders Place Their Bets

In related news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at approximately $402,577.37. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 transaction, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The disclosure for this sale can be found here. Insiders sold a total of 112,670,620 shares of company stock worth $4,651,681,930 over the last ninety days. 0.29% of the stock is currently owned by company insiders.

Bank of America Stock Down 0.9 %

BAC stock opened at $40.13 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $313.83 billion, a PE ratio of 13.89, a P/E/G ratio of 1.46 and a beta of 1.35. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The firm has a 50 day simple moving average of $40.32 and a 200 day simple moving average of $38.46.

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

Bank of America declared that its board has authorized a stock buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally 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 paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.59%. Bank of America’s dividend payout ratio is currently 35.99%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BAC. 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. Barclays boosted their price target on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Cfra reaffirmed a “sell” rating and set a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Finally, StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

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.