Bank of America Corporation $BAC Shares Purchased by Morangie Management LLC

Morangie Management LLC raised its position in shares of Bank of America Corporation (NYSE:BAC) by 34.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 93,239 shares of the financial services provider’s stock after purchasing an additional 23,815 shares during the period. Bank of America accounts for approximately 3.8% of Morangie Management LLC’s holdings, making the stock its 10th biggest position. Morangie Management LLC’s holdings in Bank of America were worth $4,412,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Bank of New York Mellon Corp lifted its holdings in Bank of America by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock worth $2,521,218,000 after purchasing an additional 803,570 shares during the period. Deutsche Bank AG lifted its holdings in Bank of America by 45.1% in the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after purchasing an additional 14,960,086 shares during the period. Amundi lifted its holdings in Bank of America by 3.7% in the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after purchasing an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Bank of America by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after purchasing an additional 188,638 shares during the period. Finally, National Pension Service lifted its holdings in Bank of America by 2.4% in the first quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock worth $541,250,000 after purchasing an additional 300,944 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Citigroup upped their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, September 19th. The Goldman Sachs Group upped their price objective on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Robert W. Baird reissued a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Truist Financial upped their price target on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the company an “outperform” rating in a report on Monday, June 30th. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $50.92.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $51.84 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.88. The firm has a market capitalization of $384.01 billion, a PE ratio of 15.16, a P/E/G ratio of 2.00 and a beta of 1.34. The firm has a 50-day moving average of $48.97 and a two-hundred day moving average of $44.81.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same period in the prior year, the firm earned $0.83 earnings per share. The business’s quarterly revenue was up 4.3% on a year-over-year basis. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s payout ratio is currently 32.75%.

Bank of America declared that its Board of Directors has authorized a share repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

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.