First Washington CORP Has $6.40 Million Stock Position in Bank of America Co. (NYSE:BAC)

First Washington CORP boosted its holdings in Bank of America Co. (NYSE:BAC) by 1.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 160,845 shares of the financial services provider’s stock after purchasing an additional 2,243 shares during the period. Bank of America accounts for approximately 2.4% of First Washington CORP’s portfolio, making the stock its 12th largest position. First Washington CORP’s holdings in Bank of America were worth $6,397,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of BAC. Vanguard Group Inc. raised its position in shares of Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after buying an additional 36,124,363 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 10.5% in the 4th 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 acquiring an additional 9,879,524 shares in the last quarter. Parnassus Investments LLC lifted its position in shares of Bank of America by 7.8% in the 4th quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock worth $1,363,928,000 after acquiring an additional 2,935,040 shares during the period. Capital World Investors grew its holdings in shares of Bank of America by 0.4% during 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 in the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of Bank of America by 17.1% in 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 in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Price Performance

Shares of BAC stock opened at $39.58 on Wednesday. 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 12 month low of $24.96 and a 12 month high of $44.44. The firm has a market cap of $309.53 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 1.40 and a beta of 1.33. The stock has a 50-day moving average price of $40.07 and a 200 day moving average price of $38.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share 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 business had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same period in the prior year, the business posted $0.88 earnings per share. Bank of America’s revenue was up .7% compared to the same quarter last year. Research analysts expect that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid 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 dividend on an annualized basis and a dividend yield of 2.63%. Bank of America’s payout ratio is 35.99%.

Bank of America announced that its board has initiated a share repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BAC. Evercore ISI lifted their price target on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Jefferies Financial Group increased their price target on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. BMO Capital Markets upped their price objective on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Finally, Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. One investment 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. According to data from MarketBeat, the company 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 12,690,693 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now directly owns 96,082 shares in the company, valued at approximately $3,824,063.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 114,391,986 shares of company stock valued at $4,719,796,383. 0.29% of the stock is currently owned by company insiders.

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.