Bank of America Co. (NYSE:BAC) Majority shareholder Berkshire Hathaway Inc sells 10,975,008 shares

VaselineAugust 28, 2024

0 5 minutes read

The majority shareholder of Bank of America Co. (NYSE:BAC) Berkshire Hathaway Inc sold 10,975,008 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $39.87, for a total value of $437,573,568.96. Following the completion of the transaction, the insider now owns 910,731,659 shares in the company, valued at approximately $36,310,871,244.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible via this hyperlink. Large shareholders who own 10% or more of a company’s stock are required to disclose their sales and purchases to the SEC.

Berkshire Hathaway Inc also recently made the following trades:

On Friday, August 23rd Berkshire Hathaway Inc sold 6,754,272 shares of Bank of America stock. The shares were sold at an average price of $39.79, for a total transaction of $268,752,482.88.
On Monday, August 19th Berkshire Hathaway Inc sold 5,035,018 shares of Bank of America stock. The shares were sold at an average price of $39.65, for a total value of $199,638,463.70.
On Thursday, August 15th Berkshire Hathaway Inc sold 5,183,829 shares of Bank of America stock. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99.
On Wednesday, July 31st Berkshire Hathaway Inc sold 6,993,520 shares of Bank of America stock. The shares were sold at an average price of $40.63, for a total value of $284,146,717.60.
On Monday, July 29th Berkshire Hathaway Inc sold 5,264,601 shares of Bank of America stock. The stock was sold at an average price of $41.20, for a total value of $216,901,561.20.
On Friday, July 26th Berkshire Hathaway Inc sold 7,526,661 shares of Bank of America stock. The shares were sold at an average price of $41.70, for a total transaction of $313,861,763.70.
On Wednesday, July 24th Berkshire Hathaway Inc sold 5,420,599 shares of Bank of America stock. The stock was sold at an average price of $42.39, for a total transaction of $229,779,191.61.
On Monday, July 22nd, Berkshire Hathaway Inc sold 6,349,021 shares of Bank of America stock. The shares were sold at an average price of $42.41, for a total value of $269,261,980.61.
On Friday, July 19th Berkshire Hathaway Inc sold 12,291,807 shares of Bank of America stock. The stock was sold at an average price of $43.13, for a total value of $530,145,635.91.
On Wednesday, July 17th Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51.

Bank of America stock fell 0.6%

Shares of NYSE:BAC opened at $39.67 on Wednesday. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44. The company has a quick ratio of 0.80, a current ratio of 0.80, and a debt-to-equity ratio of 1.09. The company’s 50-day moving average price is $40.21, and its two-hundred-day moving average price is $38.14. The firm has a market cap of $310.23 billion, a P/E ratio of 13.73, a P/E/G ratio of 1.41 and a beta of 1.35.

Want more great investment ideas?

Bank of America (NYSE:BAC – Get Free Report ) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. Bank of America’s revenue rose 0.7% year over year. In the same quarter last year, the company posted EPS of $0.88. As a group, research analysts forecast that Bank of America Co. will post 3.27 EPS for the current fiscal year.

Bank of America has increased its dividend

The company 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 $0.26 dividend. This represents a dividend of $1.04 on an annualized basis and a yield of 2.62%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6. Bank of America’s dividend payout ratio (DPR) 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 outstanding shares. This buyback authorization allows the financial services provider to buy back up to 7.6% of its shares through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Institutional inputs and outputs

Several hedge funds have recently modified their holdings of the business. Norges Bank purchased a new stake in Bank of America in the 4th quarter valued at $3,734,407,000. Vanguard Group Inc. raised its position in shares of 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 valued at $24,437,936,000 after acquiring an additional 36,124,363 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the provider’s stock financial services firm worth $1,255,514,000 after acquiring an additional 29,198,846 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings 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. Finally, AMF Tjanstepension AB boosted its stake in Bank of America by 959.6% in the second quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after buying an additional 8,447,091 shares in the last quarter. Institutional investors own 70.71% of the company’s shares.

Analysts set new price targets

Several equities analysts recently commented on the stock. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the company from $37.00 to $42.00 in a research note on Tuesday. July 9. Evercore ISI upped their target price on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. BMO Capital Markets raised their price objective on Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Jefferies Financial Group boosted their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Finally, Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.07, according to MarketBeat.com.

See the latest stock analysis on Bank of America

Bank of America Company Profile

(Get a free report)

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services to individual consumers, small and medium-sized 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.