Marble Harbor Investment Counsel LLC Has $687,000 Stock Position in Bank of America Co. (NYSE:BAC)

Marble Harbor Investment Counsel LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 5.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 17,275 shares of the financial services provider’s stock after selling 1,000 shares during the period. Marble Harbor Investment Counsel LLC’s holdings in Bank of America were worth $687,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of BAC. Delos Wealth Advisors LLC increased its holdings in Bank of America by 402.2% during the first 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 during the last quarter. POM Investment Strategies LLC grew its position in shares of Bank of America by 839.0% in the 2nd 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 period. Bbjs Financial Advisors LLC acquired a new position in shares of Bank of America during the 2nd quarter worth about $30,000. Livelsberger Financial Advisory bought a new stake in shares of Bank of America in the 4th quarter valued at about $28,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America in the 1st quarter valued at about $33,000. 70.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction on Wednesday, July 17th. The stock was 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 directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Bank of America 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 value 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares in the company, valued at approximately $3,824,063.60. The disclosure for this sale can be found here. Insiders have sold 114,391,986 shares of company stock worth $4,719,796,383 over the last quarter. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on BAC shares. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Barclays raised their price target on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. 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. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $48.00 price objective (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. One 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’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Trading Down 0.3 %

Shares of BAC stock opened at $38.65 on Monday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The company has a market cap of $299.91 billion, a PE ratio of 13.37, a P/E/G ratio of 1.40 and a beta of 1.33. The stock’s fifty day moving average price is $40.14 and its two-hundred day moving average price is $38.74.

Bank of America (NYSE:BAC) last released 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 for 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 business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.88 earnings per share. Equities analysts predict that Bank of America Co. will post 3.28 EPS for the current fiscal year.

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

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 $0.26 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.69%. Bank of America’s dividend payout ratio is presently 35.99%.

About Bank of America

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.