Berkshire Hathaway Inc Sells 2,305,415 Shares of Bank of America Co. (NYSE:BAC) Stock

29 Sep 2024, 08:16 by Tristan Rich · The Markets Daily

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 2,305,415 shares of Bank of America stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $39.27, for a total value of $90,533,647.05. Following the transaction, the insider now owns 812,041,811 shares of the company’s stock, valued at approximately $31,888,881,917.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Berkshire Hathaway Inc also recently made the following trade(s):

On Friday, September 27th, Berkshire Hathaway Inc sold 3,915,126 shares of Bank of America stock. The shares were sold at an average price of $39.52, for a total value of $154,725,779.52.
On Monday, September 23rd, Berkshire Hathaway Inc sold 4,941,403 shares of Bank of America stock. The shares were 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 stock was 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 transaction of $156,981,325.24.
On Monday, September 9th, Berkshire Hathaway Inc sold 1,721,366 shares of Bank of America stock. The shares were sold at an average price of $39.57, for a total transaction 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 value of $202,649,243.92.
On Tuesday, September 3rd, Berkshire Hathaway Inc sold 8,031,639 shares of Bank of America stock. The stock was sold at an average price of $40.66, for a total value of $326,566,441.74.
On Friday, August 30th, Berkshire Hathaway Inc sold 7,938,699 shares of Bank of America stock. The stock was sold at an average price of $40.61, for a total transaction of $322,390,566.39.
On Wednesday, August 28th, Berkshire Hathaway Inc sold 7,081,075 shares of Bank of America stock. The shares were sold at an average price of $39.95, for a total transaction of $282,888,946.25.
On Monday, August 26th, Berkshire Hathaway Inc sold 10,975,008 shares of Bank of America stock. The stock was sold at an average price of $39.87, for a total transaction of $437,573,568.96.

Bank of America Trading Down 0.3 %

Shares of BAC stock opened at $39.40 on Friday. 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 firm has a market cap of $308.12 billion, a P/E ratio of 13.63, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33. The business has a 50-day moving average price of $39.62 and a two-hundred day moving average price of $39.02. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $44.44.

Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 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 analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the business earned $0.88 earnings per share. Equities analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America announced that its board has initiated a stock repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date was Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Analyst Ratings Changes

Several brokerages have issued reports on BAC. Royal Bank of Canada boosted their target price on Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Barclays upped their price objective on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Jefferies Financial Group boosted their price target 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. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Tuesday, September 3rd. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $48.00 target price (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 assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.22.

View Our Latest Stock Analysis on Bank of America

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Delos Wealth Advisors LLC grew its position in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares during the last quarter. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the second quarter valued at approximately $27,000. Livelsberger Financial Advisory bought a new position in shares of Bank of America in the fourth quarter worth approximately $28,000. POM Investment Strategies LLC increased its stake in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares during the period. Finally, Bbjs Financial Advisors LLC bought a new stake in Bank of America during the 2nd quarter valued at $30,000. 70.71% of the stock is owned by institutional investors.

Bank of America Company Profile

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