Berkshire Hathaway Inc Sells 1,722,523 Shares of Bank of America Co. (NYSE:BAC) Stock

04 Oct 2024, 04:22 by Renee Jackson · The Cerbat Gem

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 1,722,523 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $39.40, for a total transaction of $67,867,406.20. Following the sale, the insider now directly owns 794,120,913 shares in the company, valued at $31,288,363,972.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

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 value 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 value 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 value 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 stock was 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 shares were 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 shares were sold at an average price of $40.61, for a total value of $322,390,566.39.

Bank of America Stock Up 0.0 %

BAC opened at $39.24 on Friday. 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 Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The stock has a market capitalization of $306.87 billion, a P/E ratio of 13.58, a P/E/G ratio of 1.37 and a beta of 1.33. The business has a 50 day simple moving average of $39.39 and a 200-day simple moving average of $39.10.

Bank of America (NYSE:BAC – Get Free Report) last issued 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 company had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same period in the previous year, the firm earned $0.88 EPS. The business’s revenue was up .7% on a year-over-year basis. On average, equities analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.65%. Bank of America’s dividend payout ratio (DPR) is 35.99%.

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

Institutional Investors Weigh In On Bank of America

A number of institutional investors and hedge funds have recently modified their holdings of the company. Rockland Trust Co. raised its holdings in Bank of America by 0.3% during the third quarter. Rockland Trust Co. now owns 119,639 shares of the financial services provider’s stock worth $4,747,000 after purchasing an additional 379 shares during the last quarter. Abacus Wealth Partners LLC purchased a new position in shares of Bank of America in the third quarter valued at $217,000. Park Avenue Securities LLC raised its stake in shares of Bank of America by 22.7% during the 3rd quarter. Park Avenue Securities LLC now owns 128,873 shares of the financial services provider’s stock worth $5,114,000 after buying an additional 23,852 shares during the last quarter. Johnson & White Wealth Management LLC boosted its position in shares of Bank of America by 2.4% in the 3rd quarter. Johnson & White Wealth Management LLC now owns 34,810 shares of the financial services provider’s stock worth $1,381,000 after buying an additional 828 shares in the last quarter. Finally, Canandaigua National Bank & Trust Co. grew its stake in Bank of America by 2.4% in the 3rd quarter. Canandaigua National Bank & Trust Co. now owns 111,346 shares of the financial services provider’s stock valued at $4,418,000 after acquiring an additional 2,648 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research analyst reports. BMO Capital Markets upped their price target on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $48.00 target price (up from $46.00) on shares of Bank of America in a research report 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 report on Tuesday, July 2nd. Jefferies Financial Group raised their price objective on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Finally, Royal Bank of Canada lifted their target price on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.27.

Check Out Our Latest Analysis on BAC

About Bank of America

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