Eagle Bay Advisors LLC Has $198,000 Holdings in Bank of America Co. (NYSE:BAC)

Eagle Bay Advisors LLC cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 24.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,979 shares of the financial services provider’s stock after selling 1,593 shares during the quarter. Eagle Bay Advisors LLC’s holdings in Bank of America were worth $198,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Ethos Financial Group LLC lifted its holdings in shares of Bank of America by 6.2% during the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after buying an additional 492 shares during the last quarter. Auxano Advisors LLC increased its position in shares of Bank of America by 234.5% during the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after purchasing an additional 19,179 shares during the period. DiNuzzo Private Wealth Inc. bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $105,000. Concord Wealth Partners increased its position in shares of Bank of America by 10.2% during the fourth quarter. Concord Wealth Partners now owns 55,259 shares of the financial services provider’s stock valued at $1,861,000 after purchasing an additional 5,103 shares during the period. Finally, Barometer Capital Management Inc. bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $2,175,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Jefferies Financial Group upped their price target on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. BMO Capital Markets upped their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $48.00 price target (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Finally, Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and upped their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.07.

Bank of America Trading Down 0.6 %

Shares of BAC traded down $0.25 during trading hours on Tuesday, hitting $39.67. 32,060,448 shares of the stock traded hands, compared to its average volume of 39,208,715. 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 1-year low of $24.96 and a 1-year high of $44.44. The firm has a market capitalization of $310.23 billion, a PE ratio of 13.73, a price-to-earnings-growth ratio of 1.41 and a beta of 1.35. The business has a fifty day moving average of $40.21 and a 200-day moving average of $38.14.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating 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 business had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same quarter in the prior year, the firm posted $0.88 earnings per share. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. Analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.62%. The ex-dividend date is Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is 35.99%.

Bank of America announced that its board has approved a share buyback program 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 programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, 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 this link. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the transaction, 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 this link. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. The disclosure for this sale can be found here. Insiders have sold 66,768,513 shares of company stock valued at $2,807,216,504 over the last 90 days. 0.29% of the stock is owned by company insiders.

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.