Domestic sales: Majority shareholder Bank of America Co. (NYSE:BAC) sells $207,895,968.28 in stock

The majority shareholder of Bank of America Co. (NYSE:BAC) Berkshire Hathaway Inc sold 5,192,207 shares of the company’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $40.04, for a total transaction of $207,895,968.28. Following the sale, the insider now owns 788,626,102 shares of the company’s stock, valued at $31,576,589,124.08. This trade represents a decrease of 0.00 % in the stock holding. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible via this link. Large shareholders who own at least 10% 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 Monday, October 7th, Berkshire Hathaway Inc sold 4,076,169 shares of Bank of America stock. The shares were sold at an average price of $40.05, for a total value of $163,250,568.45.
• On Wednesday, October 2nd, Berkshire Hathaway Inc sold 1,722,523 shares of Bank of America stock. The stock was sold at an average price of $39.40, for a total transaction of $67,867,406.20.
• On Monday, September 30th Berkshire Hathaway Inc sold 4,985,553 shares of Bank of America stock. The shares were sold at an average price of $39.61, for a total transaction of $197,477,754.33.
• On Friday, September 27th Berkshire Hathaway Inc sold 3,915,126 shares of Bank of America stock. The stock was sold at an average price of $39.52, for a total transaction of $154,725,779.52.
• On Wednesday, September 25th Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock. The shares were sold at an average price of $39.27, for a total transaction of $90,533,647.05.
• On Monday, September 23rd Berkshire Hathaway Inc sold 4,941,403 shares of Bank of America stock. The stock was sold at an average price of $39.94, for a total value of $197,359,635.82.
• On Thursday, September 19th Berkshire Hathaway Inc sold 11,422,560 shares of Bank of America stock. The shares were sold at an average price of $40.78, for a total transaction of $465,811,996.80.
• On Tuesday, September 17th Berkshire Hathaway Inc sold 3,966,178 shares of Bank of America stock. The shares were sold at an average price of $39.58, for a total value of $156,981,325.24.
• On Monday, September 9th, Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock. The stock was sold at an average price of $39.57, for a total value of $68,114,452.62.
• On Thursday, September 5th Berkshire Hathaway Inc sold 5,031,014 shares of Bank of America stock. The stock was sold at an average price of $40.28, for a total transaction of $202,649,243.92.

Bank of America Price Performance

Shares of BAC stock opened at $40.18 on Thursday. 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 fifty day moving average of $39.31 and a 200 day moving average of $39.20. The firm has a market cap of $314.22 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth 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, beating analysts’ consensus estimates 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 return on equity of 10.56% and a net margin of 13.28%. The company’s revenue rose 0.7% year-over-year. In the same period last year, the firm earned $0.88 per share. On average, equities research analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America declared that its board has authorized a stock repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its shares through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Bank of America has increased its dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a dividend of $0.26 per share. This represents a dividend of $1.04 on an annualized basis and a yield of 2.59%. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, September 6. Bank of America’s dividend payout ratio is currently 35.99%.

Institutional investors are weighing in on Bank of America

Large investors have recently made changes to their positions in the stock. Connectus Wealth LLC boosted its position in shares of Bank of America by 6.4% during the fourth quarter. Connectus Wealth LLC now owns 77,518 shares of the financial services provider’s stock worth $2,610,000 after buying an additional 4,654 shares during the period. Elo Mutual Pension Insurance Co boosted its position in Bank of America by 4.0% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 624,390 shares of the financial services provider’s stock worth $21,023,000 after acquired an additional 24,102 shares in the last quarter. US Treasury Department raised its stake in shares of Bank of America by 6.6% during the 4th quarter. State of Tennessee Treasury Department now owns 2,984,322 shares of the financial services provider’s stock worth 100,482 shares. $000,000 after acquiring an additional 184,699 shares during the last quarter. Basswood Capital Management LLC boosted its holdings in shares of Bank of America by 33.0% in the fourth quarter. Basswood Capital Management LLC now owns 1,767,282 shares of the financial services provider’s stock valued at $59,504,000 after purchasing an additional 438,532 shares during the last quarter. Finally, Sollinda Capital Management LLC bought a new stake in shares of Bank of America in the fourth quarter valued at $438,000. Institutional investors own 70.71% of the company’s shares.

Changes in Analyst Ratings

Several brokerages have issued reports on BAC. BMO Capital Markets raised their price objective on 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. Cfra reiterated a “sell” rating and set a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. Evercore ISI boosted their target price 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. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $48.00 price objective (up from $46.00) on shares of Bank of America in a report on research on Wednesday, July 17. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.27.

Check out our latest report on BAC

About Bank of America

(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.

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