Kornitzer Capital Management Inc. KS Has $3.87 Million Stake in Bank of America Co. (NYSE:BAC)

Kornitzer Capital Management Inc. KS decreased its position in shares of Bank of America Co. (NYSE:BAC) by 2.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 97,331 shares of the financial services provider’s stock after selling 1,997 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Bank of America were worth $3,871,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. International Assets Investment Management LLC acquired a new position in Bank of America during the 4th quarter valued at about $3,502,000. Brio Consultants LLC acquired a new position in Bank of America in the fourth quarter valued at approximately $227,000. Gilbert & Cook Inc. raised its position in shares of Bank of America by 4.0% during the 4th quarter. Gilbert & Cook Inc. now owns 17,388 shares of the financial services provider’s stock valued at $585,000 after acquiring an additional 662 shares during the last quarter. Rollins Financial lifted its stake in shares of Bank of America by 12.5% in the 4th quarter. Rollins Financial now owns 441,919 shares of the financial services provider’s stock valued at $14,879,000 after purchasing an additional 48,998 shares during the period. Finally, Gryphon Financial Partners LLC boosted its position in shares of Bank of America by 44.4% in the 4th quarter. Gryphon Financial Partners LLC now owns 11,664 shares of the financial services provider’s stock worth $393,000 after purchasing an additional 3,585 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.9 %

NYSE:BAC opened at $40.13 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The company has a market cap of $313.83 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.46 and a beta of 1.35. The business has a 50 day moving average price of $40.32 and a two-hundred day moving average price of $38.46.

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 net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same period in the previous year, the business earned $0.88 EPS. The company’s revenue was up .7% compared to the same quarter last year. As a group, analysts expect that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors 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 a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.59%. Bank of America’s dividend payout ratio is 35.99%.

Bank of America declared that its Board of Directors has authorized a stock buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BAC. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and increased their target price for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Cfra reiterated a “sell” rating and issued a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $48.00 price objective (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday. Finally, BMO Capital Markets boosted their price target on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $42.22.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the stock in a transaction that occurred 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 sale, the insider now owns 863,977,599 shares of the company’s stock, valued at approximately $34,801,017,687.72. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the company’s stock in a transaction dated 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 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 legal filing with the SEC, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The disclosure for this sale can be found here. Insiders sold a total of 112,670,620 shares of company stock worth $4,651,681,930 over the last ninety days. 0.29% of the stock is currently owned by corporate 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.