5,717 Shares in Bank of America Co. (NYSE:BAC) Purchased by Luts & Greenleigh Group Inc.

Luts & Greenleigh Group Inc. purchased a new stake in shares of Bank of America Co. (NYSE:BAC) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 5,717 shares of the financial services provider’s stock, valued at approximately $227,000.

A number of other institutional investors have also recently made changes to their positions in BAC. Vanguard Group Inc. boosted its position in Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after purchasing an additional 36,124,363 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after buying an additional 9,879,524 shares during the period. Parnassus Investments LLC increased its holdings in Bank of America by 7.8% during the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after buying an additional 2,935,040 shares during the last quarter. Capital World Investors raised its holdings in Bank of America by 0.4% in the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after purchasing an additional 165,070 shares during the period. Finally, Fisher Asset Management LLC grew its holdings in Bank of America by 17.1% during the fourth quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock valued at $1,267,820,000 after purchasing an additional 5,488,790 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the completion of the sale, the insider now directly owns 861,175,131 shares in the company, valued at approximately $34,076,699,933.67. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s 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 sale, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $39.57, for a total transaction of $68,114,452.62. Following the completion of the transaction, the insider now directly owns 861,175,131 shares in the company, valued at approximately $34,076,699,933.67. The disclosure for this sale can be found here. In the last ninety days, insiders sold 114,391,986 shares of company stock valued at $4,719,796,383. Company insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. BMO Capital Markets increased their price objective 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. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Jefferies Financial Group increased their price target on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Barclays increased their price objective on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.22.

Bank of America Stock Performance

Shares of BAC opened at $39.10 on Tuesday. The firm has a market capitalization of $305.78 billion, a P/E ratio of 13.53, a P/E/G ratio of 1.40 and a beta of 1.33. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The stock has a 50 day moving average price of $40.11 and a two-hundred day moving average price of $38.77. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates 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 period last year, the company posted $0.88 earnings per share. Bank of America’s quarterly revenue was up .7% compared to the same quarter last year. Equities analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America announced that its board 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 shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Bank of America Increases Dividend

The business 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. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Friday, September 6th. Bank of America’s payout ratio is presently 35.99%.

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.