Mine & Arao Wealth Creation & Management LLC. Has $489,000 Stake in Bank of America Co. (NYSE:BAC)

Mine & Arao Wealth Creation & Management LLC. lowered its holdings in Bank of America Co. (NYSE:BAC) by 7.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,295 shares of the financial services provider’s stock after selling 933 shares during the quarter. Mine & Arao Wealth Creation & Management LLC.’s holdings in Bank of America were worth $489,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in BAC. McAdam LLC grew its holdings in Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 238 shares during the last quarter. BTC Capital Management Inc. lifted its position in shares of Bank of America by 1.2% during the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after purchasing an additional 248 shares in the last quarter. Central Bank & Trust Co. grew its stake in shares of Bank of America by 15.1% during the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 248 shares during the last quarter. SNS Financial Group LLC increased its holdings in shares of Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 248 shares in the last quarter. Finally, Verdence Capital Advisors LLC raised its position in Bank of America by 0.3% in the 2nd quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after purchasing an additional 251 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on BAC. BMO Capital Markets boosted their target price on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $48.00 target price (up from $46.00) on shares of Bank of America in a research report 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 report on Wednesday, July 17th. Cfra restated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a report on Tuesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has an average 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 company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $40.28, for a total transaction of $202,649,243.92. Following the sale, the insider now owns 863,977,599 shares in the company, valued at approximately $34,801,017,687.72. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the firm’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 transaction of $202,649,243.92. Following the completion of the sale, the insider now owns 863,977,599 shares in the company, valued at $34,801,017,687.72. 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 Stock Down 2.8 %

BAC stock traded down $1.11 during trading hours on Friday, reaching $38.76. 47,007,588 shares of the stock were exchanged, compared to its average volume of 39,322,148. The firm’s 50-day moving average is $40.30 and its 200-day moving average is $38.49. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a market cap of $303.12 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 1.46 and a beta of 1.35. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

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

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.68%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s payout ratio is currently 35.99%.

Bank of America declared that its board has initiated 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 buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

About Bank of America

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.