Cowa LLC Reduces Bank of America Co. Shares (NYSE:BAC)

Cowa LLC reduced its position in Bank of America Co. (NYSE:BAC) by 0.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,508 shares of the financial services provider’s stock after selling 292 shares during the quarter. Bank of America comprises 1.0% of Cowa LLC’s holdings, making the stock its 29th largest position. Cowa LLC’s holdings in Bank of America were worth $1,889,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Delos Wealth Advisors LLC raised its stake in Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares in the last quarter. Fairway Wealth LLC acquired a new position in Bank of America in the second quarter valued at about $27,000. Livelsberger Financial Advisory acquired a new stake in Bank of America in the fourth quarter valued at about $28,000. POM Investment Strategies LLC boosted its holdings in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares during the last quarter. Finally, Bbjs Financial Advisors LLC purchased a new position in Bank of America in the second quarter valued at approximately $30,000. 70.71% of the shares are owned by institutional investors and hedge funds.

Analysts set new price targets

Several equities research analysts recently commented on BAC shares. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th . Royal Bank of Canada upped their target price on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. BMO Capital Markets upped their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Barclays raised their price objective on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $42.22, according to MarketBeat.com.

Check out the latest stock analysis on Bank of America

Insiders place their bets

In other news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $40.78, for a total value of $465,811,996.80. Following the sale, the insider now directly owns 835,908,435 shares in the company, valued at $34,088,345,979.30. The sale was disclosed in a legal filing with the SEC, which can be accessed via this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 11,422,560 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80. Following the sale, the insider now owns 835,908,435 shares in the company, valued at approximately $34,088,345,979.30. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America 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 transaction, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. The disclosure for this sale can be found here. Insiders have sold a total of 129,780,724 shares of company stock worth $5,342,589,705 over the last 90 days. Corporate insiders own 0.29% of the company’s shares.

Bank of America Price Performance

BAC opened at $40.87 on Friday. The stock’s 50-day moving average price is $40.01 and its 200-day moving average price is $38.82. 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 $319.62 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.40 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80, and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC – Get Free Report ) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. The company had revenue of $25.38 billion for 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%. The company’s quarterly revenue was up 0.7% year over year. In the same quarter last year, the company earned $0.88 per share. As a group, sell-side analysts expect Bank of America Co. to post 3.28 earnings per share for the current year.

Bank of America has increased its dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be given a $0.26 dividend. This represents an annualized dividend of $1.04 and a yield of 2.54%. The ex-dividend date is Friday, September 6. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America declared that its Board of Directors has authorized a stock repurchase 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 often a sign that company management believes its stock is undervalued.

Bank of America profile

(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.

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