Black Diamond Financial LLC Has $916,000 Stake in Bank of America Co. (NYSE:BAC)

Black Diamond Financial LLC lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,032 shares of the financial services provider’s stock after purchasing an additional 1,397 shares during the quarter. Black Diamond Financial LLC’s holdings in Bank of America were worth $916,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of BAC. Vanguard Group Inc. raised its holdings in Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after buying an additional 36,124,363 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of 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 worth $3,502,720,000 after acquiring an additional 9,879,524 shares during the period. Parnassus Investments LLC lifted its position in Bank of America by 7.8% in the 4th quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after acquiring an additional 2,935,040 shares in the last quarter. Capital World Investors boosted its stake in Bank of America by 0.4% in the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after purchasing an additional 165,070 shares during the period. Finally, Fisher Asset Management LLC increased its holdings in Bank of America by 17.1% during the 4th quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock worth $1,267,820,000 after purchasing an additional 5,488,790 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of several recent research reports. Jefferies Financial Group upped their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. BMO Capital Markets raised their price target on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Royal Bank of Canada boosted their price objective on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. StockNews.com raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $42.22.

Bank of America Trading Down 0.3 %

Shares of Bank of America stock opened at $38.65 on Monday. 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 capitalization of $299.91 billion, a price-to-earnings ratio of 13.37, a P/E/G ratio of 1.40 and a beta of 1.33. The business has a fifty day simple moving average of $40.14 and a two-hundred day simple moving average of $38.74. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 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 business had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. Bank of America’s revenue was up .7% compared to the same quarter last year. Research analysts forecast that Bank of America Co. will post 3.28 EPS for the current year.

Bank of America Increases Dividend

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

Bank of America declared that its board has approved a share buyback 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 buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business’s stock in a transaction dated 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 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. Insiders have sold a total of 114,391,986 shares of company stock valued at $4,719,796,383 in the last ninety days. 0.29% of the stock is currently owned by corporate insiders.

Bank of America Company Profile

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.