Bank of America Co. (NYSE:BAC) Shares Bought by Summit Trail Advisors LLC

Summit Trail Advisors LLC grew its position in Bank of America Co. (NYSE:BAC) by 49.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 137,956 shares of the financial services provider’s stock after buying an additional 45,398 shares during the period. Summit Trail Advisors LLC’s holdings in Bank of America were worth $5,487,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in 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 purchased a new position in shares of Bank of America during the 2nd quarter worth approximately $27,000. Livelsberger Financial Advisory acquired a new stake in Bank of America in the 4th 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.

Bank of America Trading Down 1.4 %

NYSE:BAC opened at $40.28 on Friday. The company has a market capitalization 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 Co. has a 52-week low of $24.96 and a 52-week high of $44.44. The stock has a fifty day simple moving average of $39.98 and a 200-day simple moving average of $38.86. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last released 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 return on equity of 10.56% and a net margin of 13.28%. The company had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter last year, the business posted $0.88 earnings per share. Bank of America’s revenue was up .7% compared to the same quarter last year. On average, equities research analysts expect that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.58%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

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

Analysts Set New Price Targets

Several equities analysts have weighed in on BAC shares. Morgan Stanley lifted their target price on Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Cfra restated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. Jefferies Financial Group increased their target price on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, Evercore ISI upped their price objective on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Insider Buying and Selling at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’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 sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of Bank of America stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the transaction, the insider now directly owns 937,246,053 shares of the company’s stock, valued at approximately $36,843,142,343.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The disclosure for this sale can be found here. Insiders sold 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 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.