SkyOak Wealth LLC Sells 517 Shares of Bank of America Co. (NYSE:BAC)

SkyOak Wealth LLC decreased its position in Bank of America Co. (NYSE:BAC) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,579 shares of the financial services provider’s stock after selling 517 shares during the quarter. SkyOak Wealth LLC’s holdings in Bank of America were worth $1,614,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position 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 valued at $24,437,936,000 after purchasing an additional 36,124,363 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares in the last quarter. Parnassus Investments LLC raised its position in shares of 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 worth $1,363,928,000 after acquiring an additional 2,935,040 shares in the last quarter. Capital World Investors grew its stake in Bank of America by 0.4% in the first 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 lifted its position in Bank of America by 17.1% during the fourth quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock valued at $1,267,820,000 after buying an additional 5,488,790 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Bank of America stock opened at $39.58 on Wednesday. The company’s 50-day moving average price is $40.07 and its 200-day moving average price is $38.80. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market cap of $309.53 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 business had revenue of $25.38 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.88 earnings per share. On average, equities research analysts forecast that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 dated 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 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was 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 directly owns 10,907 shares in the company, valued at approximately $402,577.37. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 114,391,986 shares of company stock worth $4,719,796,383. Insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Piper Sandler upgraded 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 note on Tuesday, July 9th. Morgan Stanley increased their price objective on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Tuesday, September 3rd. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $48.00 price objective (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $42.22.

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.