Childress Capital Advisors LLC Lowers Stock Position in Bank of America Co. (NYSE:BAC)

Childress Capital Advisors LLC reduced its position in Bank of America Co. (NYSE:BAC) by 25.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 41,657 shares of the financial services provider’s stock after selling 14,245 shares during the quarter. Childress Capital Advisors LLC’s holdings in Bank of America were worth $1,657,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Delos Wealth Advisors LLC grew its holdings in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the period. POM Investment Strategies LLC increased its stake in Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the period. Bbjs Financial Advisors LLC purchased a new position in Bank of America in the 2nd quarter valued at about $30,000. Livelsberger Financial Advisory purchased a new position in Bank of America in the 4th quarter valued at about $28,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the first quarter valued at about $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $40.28, for a total value of $202,649,243.92. Following the completion of the transaction, the insider now owns 863,977,599 shares of the company’s stock, valued at $34,801,017,687.72. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $40.28, for a total value of $202,649,243.92. Following the completion of the sale, the insider now directly owns 863,977,599 shares of the company’s stock, valued at approximately $34,801,017,687.72. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now 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 112,670,620 shares of company stock worth $4,651,681,930 in the last three months. 0.29% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on BAC shares. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $48.00 price target (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Evercore ISI upped their price target on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Cfra reiterated a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $42.22.

Bank of America Price Performance

Shares of BAC opened at $39.90 on Friday. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a fifty day moving average price of $40.32 and a 200 day moving average price of $38.46. The company has a market cap of $312.03 billion, a P/E ratio of 13.89, a PEG ratio of 1.46 and a beta of 1.35.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion during the quarter, compared to analyst estimates of $25.22 billion. During the same quarter in the prior year, the firm earned $0.88 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. On average, research analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current year.

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

Bank of America Increases Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.61%. Bank of America’s payout ratio is currently 35.99%.

Bank of America 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.