Bank of America Co. (NYSE:BAC) Shares Sold by Elkhorn Partners Limited Partnership

Elkhorn Partners Limited Partnership trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 29.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,200 shares of the financial services provider’s stock after selling 900 shares during the period. Elkhorn Partners Limited Partnership’s holdings in Bank of America were worth $83,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Delos Wealth Advisors LLC increased its holdings in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares in the last quarter. Livelsberger Financial Advisory purchased a new position in shares of Bank of America in the fourth quarter valued at $28,000. Criterion Capital Advisors LLC purchased a new position in Bank of America during the 4th quarter valued at about $32,000. Northwest Investment Counselors LLC acquired a new position in Bank of America during the first quarter worth about $33,000. Finally, Clearstead Trust LLC lifted its holdings in shares of Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 834 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of Bank of America stock in a transaction on Monday, July 29th. The shares were sold at an average price of $41.20, for a total value of $216,901,561.20. Following the completion of the sale, the insider now owns 961,646,715 shares in the company, valued at $39,619,844,658. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last three months, insiders sold 49,545,245 shares of company stock worth $2,119,252,649. 0.29% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a report on Friday, April 19th. BMO Capital Markets lifted their price target on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Finally, StockNews.com raised shares of 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 assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.07.

Bank of America Trading Up 0.5 %

BAC traded up $0.19 on Tuesday, reaching $41.28. 44,148,485 shares of the company’s stock were exchanged, compared to its average volume of 38,959,727. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The company’s 50 day moving average is $40.52 and its 200-day moving average is $37.39. The company has a market cap of $322.82 billion, a price-to-earnings ratio of 14.28, a PEG ratio of 1.50 and a beta of 1.35. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 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 company had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same quarter in the previous year, the firm posted $0.88 earnings per share. The firm’s quarterly revenue was up .7% on a year-over-year basis. Equities analysts predict that Bank of America Co. will post 3.25 earnings per share for the current year.

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

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be given a dividend of $0.26 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s payout ratio is presently 33.22%.

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.