NBW Capital LLC Cuts Stock Position in Bank of America Co. (NYSE:BAC)

NBW Capital LLC decreased its position in shares of Bank of America Co. (NYSE:BAC) by 3.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,279 shares of the financial services provider’s stock after selling 1,370 shares during the period. NBW Capital LLC’s holdings in Bank of America were worth $1,641,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BAC. Keynote Financial Services LLC purchased a new position in shares of Bank of America in the first quarter valued at approximately $944,000. American Trust grew its stake in shares of Bank of America by 38.5% in the first quarter. American Trust now owns 10,059 shares of the financial services provider’s stock worth $381,000 after acquiring an additional 2,798 shares in the last quarter. Clear Rock Advisors LLC increased its position in shares of Bank of America by 1.8% during the first quarter. Clear Rock Advisors LLC now owns 81,998 shares of the financial services provider’s stock worth $3,109,000 after acquiring an additional 1,425 shares during the period. Peninsula Wealth LLC acquired a new stake in shares of Bank of America in the first quarter valued at $377,000. Finally, Pathway Financial Advisers LLC purchased a new position in Bank of America in the first quarter valued at $1,148,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of BAC traded down $1.92 during mid-day trading on Friday, hitting $37.58. 76,727,990 shares of the company’s stock were exchanged, compared to its average volume of 42,436,524. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The business’s 50 day moving average is $40.49 and its two-hundred day moving average is $37.49. The firm has a market capitalization of $291.61 billion, a P/E ratio of 13.00, a P/E/G ratio of 1.41 and a beta of 1.35.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. The company had revenue of $25.38 billion for the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s revenue was up .7% on a year-over-year basis. During the same period last year, the business posted $0.88 EPS. On average, equities analysts expect that Bank of America Co. will post 3.27 earnings per share for the current year.

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

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.77%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is presently 33.22%.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’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 transaction, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 56,538,765 shares of company stock valued at $2,403,399,367 over the last quarter. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on BAC shares. Morgan Stanley upped their price target on Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Royal Bank of Canada lifted their price target on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.07.

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.