Berkshire Hathaway Inc Sells 4,985,553 Shares of Bank of America Co. (NYSE:BAC) Stock

04 Oct 2024, 08:23 by Sarita Garza · The Markets Daily

Bank of America Co. (NYSE:BAC) major shareholder Berkshire Hathaway Inc sold 4,985,553 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $39.61, for a total transaction of $197,477,754.33. Following the completion of the transaction, the insider now directly owns 797,683,307 shares in the company, valued at approximately $31,596,235,790.27. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

On Wednesday, October 2nd, Berkshire Hathaway Inc sold 1,722,523 shares of Bank of America stock. The stock was sold at an average price of $39.40, for a total transaction of $67,867,406.20.
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 transaction 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 transaction of $90,533,647.05.
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 transaction 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 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 shares were sold at an average price of $40.28, for a total transaction of $202,649,243.92.
On Tuesday, September 3rd, Berkshire Hathaway Inc sold 8,031,639 shares of Bank of America stock. The shares were sold at an average price of $40.66, for a total transaction 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 transaction of $322,390,566.39.

Bank of America Stock Up 0.0 %

NYSE:BAC opened at $39.24 on Friday. The firm has a market cap 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 company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The firm has a 50-day simple moving average of $39.39 and a two-hundred day simple moving average of $39.10.

Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $25.22 billion. During the same period last year, the business earned $0.88 EPS. Bank of America’s revenue was up .7% compared to the same quarter last year. Analysts predict that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a $0.26 dividend. The ex-dividend date was Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.65%. Bank of America’s payout ratio is currently 35.99%.

Institutional Trading of Bank of America

A number of large investors have recently made changes to their positions in the stock. Rockland Trust Co. grew its position 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 valued at $4,747,000 after buying an additional 379 shares during the period. Abacus Wealth Partners LLC purchased a new stake in Bank of America during the third quarter valued at approximately $217,000. Park Avenue Securities LLC increased its holdings in Bank of America by 22.7% during the third quarter. Park Avenue Securities LLC now owns 128,873 shares of the financial services provider’s stock valued at $5,114,000 after buying an additional 23,852 shares during the last quarter. Johnson & White Wealth Management LLC increased its holdings in Bank of America by 2.4% during the third quarter. Johnson & White Wealth Management LLC now owns 34,810 shares of the financial services provider’s stock valued at $1,381,000 after buying an additional 828 shares during the last quarter. Finally, Canandaigua National Bank & Trust Co. increased its holdings in Bank of America by 2.4% during the third quarter. Canandaigua National Bank & Trust Co. now owns 111,346 shares of the financial services provider’s stock valued at $4,418,000 after buying an additional 2,648 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on BAC shares. Evercore ISI increased their price target on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Barclays raised their target price on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft raised 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 report on Tuesday, September 3rd. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. Finally, BMO Capital Markets raised their target price on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $42.27.

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