Bank of America Co. (NYSE:BAC) Shares Bought by Sculptor Capital LP

VaselineSeptember 28, 2024

0 5 minutes read

Sculptor Capital LP grew its stake in Bank of America Co. (NYSE:BAC) by 12.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 890,000 shares of the financial services provider’s stock after purchasing an additional 100,000 shares during the period. Sculptor Capital LP’s holdings in Bank of America were worth $35,395,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. McAdam LLC boosted its position in Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 238 shares in the last quarter. BTC Capital Management Inc. boosted its stake in Bank of America by 1.2% in 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. boosted its stake in 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 worth $75,000 after buying an additional 248 shares in the last quarter. SNS Financial Group LLC boosted its stake in 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 worth $310,000 after purchasing an additional 248 shares in the last quarter. Finally, Verdence Capital Advisors LLC boosted its holdings in Bank of America by 0.3% in the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after buying an additional 251 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s shares.

Analyst upgrades and downgrades

A number of equities research analysts have commented on the shares. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. BMO Capital Markets lifted their price objective on shares of 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. Jefferies Financial Group upped their target price on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.22, based on data from MarketBeat.

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Insider buying and selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the completion of the sale, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed via this link. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible via this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were 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 of the company’s stock, valued at approximately $44,958,509,063.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 134,721,864 shares of company stock worth $5,539,943,089. Insiders own 0.29% of the company’s shares.

Bank of America Price Performance

NYSE BAC opened at $39.52 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80, and a quick ratio of 0.80. The stock’s fifty day moving average price is $39.69 and its 200 day moving average price is $38.97. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $44.44. The company has a market cap of $309.06 billion, a price-to-earnings ratio of 13.67, a PEG ratio of 1.37 and a beta of 1.33.

Bank of America (NYSE:BAC – Get Free Report ) last posted its 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. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. In the same period of the previous year, the company posted EPS of $0.88. The company’s revenue for the quarter was up 0.7% on a year-over-year basis. As a group, equities research analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America has increased its dividend

The firm 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 $0.26 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6. This represents a dividend of $1.04 on an annualized basis and a yield of 2.63%. Bank of America’s dividend payout ratio is currently 35.99%.

Bank of America announced that its board has initiated a stock buyback program on Wednesday, July 24th that permits the company to repurchase $25.00 billion in 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 programs are generally an indication that the company’s management believes its stock is undervalued.

Bank of America Company 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.