Insider Buying: Bank of America Corp (NYSE:BAC) Major Shareholder Buys $397,798,144.52 in Stock

Bank of America Corp (NYSE:BAC) major shareholder Berkshire Hathaway Inc acquired 16,424,366 shares of the business’s stock in a transaction on Monday, July 27th. The shares were purchased at an average price of $24.22 per share, with a total value of $397,798,144.52. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

  • On Wednesday, July 22nd, Berkshire Hathaway Inc purchased 33,902,623 shares of Bank of America stock. The shares were bought at an average cost of $23.99 per share, for a total transaction of $813,323,925.77.

BAC opened at $25.27 on Thursday. The stock’s 50 day moving average price is $24.22 and its 200 day moving average price is $26.22. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.93 and a quick ratio of 0.92. The stock has a market cap of $219.23 billion, a P/E ratio of 12.21, a P/E/G ratio of 2.18 and a beta of 1.59. Bank of America Corp has a 12 month low of $17.95 and a 12 month high of $35.72.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, July 16th. The financial services provider reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. The company had revenue of $22.30 billion for the quarter, compared to analyst estimates of $21.71 billion. Bank of America had a return on equity of 9.11% and a net margin of 19.09%. The company’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same period last year, the company earned $0.74 earnings per share. Equities analysts anticipate that Bank of America Corp will post 1.58 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, September 3rd. This represents a $0.72 annualized dividend and a yield of 2.85%. Bank of America’s payout ratio is 24.49%.

Several research firms have recently issued reports on BAC. ValuEngine raised Bank of America from a “sell” rating to a “hold” rating in a research note on Tuesday, July 7th. TheStreet downgraded Bank of America from a “b-” rating to a “c+” rating in a report on Monday. Barclays reiterated a “buy” rating and set a $33.00 target price on shares of Bank of America in a research note on Thursday, April 9th. Credit Suisse Group reissued a “buy” rating and set a $31.00 target price on shares of Bank of America in a report on Friday, April 17th. Finally, DA Davidson lowered shares of Bank of America from a “buy” rating to a “neutral” rating and decreased their price target for the company from $27.00 to $25.00 in a report on Thursday, July 9th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and thirteen have issued a buy rating to the company’s stock. Bank of America presently has an average rating of “Hold” and an average price target of $29.47.

Several hedge funds have recently added to or reduced their stakes in BAC. Wellington Management Group LLP boosted its holdings in shares of Bank of America by 1.4% in the first quarter. Wellington Management Group LLP now owns 236,255,878 shares of the financial services provider’s stock valued at $5,015,711,000 after acquiring an additional 3,263,586 shares in the last quarter. Norges Bank purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $3,442,092,000. Legal & General Group Plc boosted its position in shares of Bank of America by 0.8% during the first quarter. Legal & General Group Plc now owns 50,923,268 shares of the financial services provider’s stock valued at $1,084,417,000 after buying an additional 414,622 shares during the last quarter. Primecap Management Co. CA grew its holdings in Bank of America by 8.0% during the first quarter. Primecap Management Co. CA now owns 40,613,161 shares of the financial services provider’s stock worth $862,217,000 after buying an additional 3,017,200 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in Bank of America by 1.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 34,603,600 shares of the financial services provider’s stock valued at $734,634,000 after buying an additional 581,152 shares during the last quarter. Institutional investors own 68.99% of the company’s stock.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Read More: Why do analysts give a neutral rating?

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