Texas Capital Bancshares Inc TX Sells 2,453 Shares of Bank of America Co. (NYSE:BAC)

Texas Capital Bancshares Inc TX cut its position in Bank of America Co. (NYSE:BAC) by 24.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,465 shares of the financial services provider’s stock after selling 2,453 shares during the period. Texas Capital Bancshares Inc TX’s holdings in Bank of America were worth $297,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Brio Consultants LLC acquired a new stake in Bank of America in the 4th quarter valued at approximately $227,000. Gilbert & Cook Inc. increased its stake in Bank of America by 4.0% in the 4th quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock valued at $585,000 after purchasing an additional 662 shares in the last quarter. Rollins Financial increased its holdings in Bank of America by 12.5% during the 4th quarter. Rollins Financial now owns 441,919 shares of the financial services provider’s stock valued at $14,879,000 after acquiring an additional 48,998 shares in the last quarter. Gryphon Financial Partners LLC increased its stake in shares of Bank of America by 44.4% during the 4th quarter. Gryphon Financial Partners LLC now owns 11,664 shares of the financial services provider’s stock worth $393,000 after purchasing an additional 3,585 shares in the last quarter. Finally, Evoke Wealth LLC lifted its stake in shares of Bank of America by 7.9% during the 4th quarter. Evoke Wealth LLC now owns 30,772 shares of the financial services provider’s stock worth $1,036,000 after purchasing an additional 2,247 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Evercore ISI boosted their target price on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. 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. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Jefferies Financial Group raised their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $48.00 target price (up previously from $46.00) on shares of Bank of America in a research note on Wednesday, July 17th. One 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.22.

Bank of America Trading Down 0.3 %

BAC opened at $39.39 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $308.04 billion, a price-to-earnings ratio of 13.63, a P/E/G ratio of 1.37 and a beta of 1.33. The company has a 50-day simple moving average of $39.62 and a 200 day simple moving average of $39.00. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. The business had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 EPS. 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 announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date was Friday, September 6th. This is an increase 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 has initiated a share buyback program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the sale, 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 legal filing with the SEC, which is accessible through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated 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 $402,577.37. The disclosure for this sale can be found here. Insiders have sold a total of 140,942,405 shares of company stock worth $5,785,202,516 over the last quarter. Company insiders own 0.29% of the company’s stock.

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.