Lake Street Advisors Group LLC Sells 1,141 Shares of Bank of America Co. (NYSE:BAC)

Lake Street Advisors Group LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 1.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 58,004 shares of the financial services provider’s stock after selling 1,141 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Bank of America were worth $2,307,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. McAdam LLC lifted its holdings in Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 238 shares during the last quarter. BTC Capital Management Inc. raised its stake in shares of Bank of America by 1.2% in the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after acquiring an additional 248 shares during the last quarter. Central Bank & Trust Co. boosted its holdings in shares of Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 248 shares in the last quarter. SNS Financial Group LLC grew its position in Bank of America by 3.3% during the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after acquiring an additional 248 shares during the last quarter. Finally, Verdence Capital Advisors LLC increased its holdings in Bank of America by 0.3% during the 2nd quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock valued at $3,742,000 after purchasing an additional 251 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $38.78 on Friday. The firm’s 50 day simple moving average is $40.30 and its 200 day simple moving average is $38.49. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The company has a market capitalization of $303.27 billion, a price-to-earnings ratio of 13.42, a P/E/G ratio of 1.46 and a beta of 1.35. 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 (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share 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 last year, the business posted $0.88 earnings per share. The business’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a dividend of $0.26 per share. 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. This represents a $1.04 annualized dividend and a yield of 2.68%. Bank of America’s payout ratio is currently 35.99%.

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

Analysts Set New Price Targets

BAC has been the topic of a number of recent analyst reports. Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Barclays increased their price objective on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Cfra restated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. Morgan Stanley upped their target price on shares of Bank of America from $46.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Evercore ISI raised their price target on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

Insider Buying and Selling at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s 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 owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 112,670,620 shares of company stock valued at $4,651,681,930. Company insiders own 0.29% of the company’s stock.

Bank of America 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.