Bank of America Co. (NYSE:BAC) Shares Acquired by Huber Capital Management LLC

Huber Capital Management LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 0.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 253,459 shares of the financial services provider’s stock after acquiring an additional 1,543 shares during the period. Bank of America accounts for about 2.3% of Huber Capital Management LLC’s portfolio, making the stock its 11th largest holding. Huber Capital Management LLC’s holdings in Bank of America were worth $10,080,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. McAdam LLC raised its holdings in Bank of America by 2.1% during the second 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. raised its stake in shares of Bank of America by 1.2% during the 2nd 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. grew its stake in Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 248 shares during the last quarter. SNS Financial Group LLC raised its position in Bank of America by 3.3% during the second 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 last quarter. Finally, Verdence Capital Advisors LLC lifted its holdings in shares of Bank of America by 0.3% in the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock valued at $3,742,000 after purchasing an additional 251 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on BAC shares. Evercore ISI raised their price objective on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Piper Sandler raised Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Royal Bank of Canada increased their price objective on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Cfra reaffirmed a “sell” rating and set a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the transaction, the insider now directly owns 835,908,435 shares of the company’s stock, valued at $34,088,345,979.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the sale, the insider now directly owns 835,908,435 shares of the company’s stock, valued at approximately $34,088,345,979.30. The disclosure for this sale can be found here. Insiders sold a total of 129,780,724 shares of company stock worth $5,342,589,705 in the last 90 days. 0.29% of the stock is owned by company insiders.

Bank of America Stock Down 1.4 %

BAC opened at $40.28 on Friday. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The firm has a 50 day moving average price of $39.98 and a 200 day moving average price of $38.86. 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 company has a market cap of $315.00 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 1.40 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 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter last year, the firm posted $0.88 EPS. The business’s revenue for the quarter was up .7% compared to the same quarter last year. Sell-side analysts expect that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently declared 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. The ex-dividend date 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 annualized dividend and a yield of 2.58%. Bank of America’s payout ratio is 35.99%.

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

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.