Tempus Wealth Planning LLC Purchases 1,563 Shares of Bank of America Co. (NYSE:BAC)

Tempus Wealth Planning LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 5.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 31,719 shares of the financial services provider’s stock after buying an additional 1,563 shares during the period. Tempus Wealth Planning LLC’s holdings in Bank of America were worth $1,261,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of BAC. International Assets Investment Management LLC bought a new position in Bank of America in the 4th quarter worth approximately $3,502,000. GUNN & Co INVESTMENT MANAGEMENT INC. purchased a new position in shares of Bank of America in the fourth quarter valued at $515,000. Pittenger & Anderson Inc. raised its stake in shares of Bank of America by 208.4% during the 4th quarter. Pittenger & Anderson Inc. now owns 4,811 shares of the financial services provider’s stock valued at $162,000 after purchasing an additional 3,251 shares during the period. Bank Julius Baer & Co. Ltd Zurich increased its position in shares of Bank of America by 4.5% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 107,056 shares of the financial services provider’s stock valued at $3,605,000 after buying an additional 4,571 shares during the period. Finally, Van Cleef Asset Management Inc grew its stake in Bank of America by 32.4% during the fourth quarter. Van Cleef Asset Management Inc now owns 28,096 shares of the financial services provider’s stock valued at $946,000 after acquiring an additional 6,875 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BAC. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $48.00 price objective (up previously from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. Morgan Stanley lifted their price target on Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $37.00 to $42.00 in a research report on Tuesday, July 9th. BMO Capital Markets raised their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Finally, Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $42.07.

Bank of America Trading Up 1.4 %

Bank of America stock traded up $0.53 during midday trading on Friday, reaching $39.77. The stock had a trading volume of 45,616,647 shares, compared to its average volume of 39,208,762. The stock’s 50-day simple moving average is $40.20 and its 200 day simple moving average is $38.06. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $311.02 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 1.41 and a beta of 1.35.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. 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 company posted $0.88 earnings per share. The firm’s revenue was up .7% compared to the same quarter last year. Analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a $0.26 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.62%. Bank of America’s payout ratio is 35.99%.

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

Insider Buying and Selling

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction that occurred on 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 transaction, the insider now directly owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The disclosure for this sale can be found here. Insiders have sold 66,768,513 shares of company stock worth $2,807,216,504 over the last ninety days. 0.29% of the stock is owned by insiders.

About Bank of America

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.