Sunflower Bank N.A. Grows Stake in Bank of America Co. (NYSE:BAC)

by · The Markets Daily

Sunflower Bank N.A. increased its position in Bank of America Co. (NYSE:BAC – Free Report) by 7.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,438 shares of the financial services provider’s stock after acquiring an additional 765 shares during the quarter. Sunflower Bank N.A.’s holdings in Bank of America were worth $454,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in BAC. Delos Wealth Advisors LLC increased its holdings in shares of Bank of America by 402.2% in the 1st 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. Fairway Wealth LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at about $27,000. Livelsberger Financial Advisory bought a new stake in Bank of America in the 4th quarter worth approximately $28,000. POM Investment Strategies LLC boosted its stake in 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 in the last quarter. Finally, Bbjs Financial Advisors LLC bought a new position in Bank of America during the second quarter valued at approximately $30,000. 70.71% of the stock is currently owned by institutional investors.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction dated 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 owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the stock in a transaction dated 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 sale, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at approximately $44,958,509,063.91. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were 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 of the company’s stock, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 160,921,082 shares of company stock valued at $6,582,343,525. Corporate insiders own 0.29% of the company’s stock.

Bank of America Price Performance

BAC traded up $1.98 during trading hours on Friday, hitting $41.95. The company’s stock had a trading volume of 50,660,740 shares, compared to its average volume of 38,864,645. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $44.44. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The business’s 50-day moving average price is $39.41 and its 200-day moving average price is $39.26. The stock has a market cap of $328.06 billion, a price-to-earnings ratio of 14.52, a P/E/G ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC – Get Free Report) last announced 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 firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.88 EPS. Sell-side analysts expect that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a stock repurchase 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 purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a dividend of $0.26 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.48%. Bank of America’s dividend payout ratio is presently 35.99%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BAC. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Oppenheimer lifted their price objective on Bank of America from $48.00 to $49.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Cfra reissued a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, September 3rd. Finally, Evercore ISI raised their price target on shares of Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.27.

View Our Latest Analysis on Bank of America

Bank of America Company Profile

(Free Report)

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.

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