Bank of America Corporation $BAC Holdings Boosted by Mutual Advisors LLC

Mutual Advisors LLC raised its position in Bank of America Corporation (NYSE:BAC) by 13.2% during the 2nd quarter, Holdings Channel.com reports. The firm owned 102,456 shares of the financial services provider’s stock after acquiring an additional 11,912 shares during the quarter. Mutual Advisors LLC’s holdings in Bank of America were worth $4,964,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in shares of 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 valued at $2,521,218,000 after purchasing an additional 803,570 shares during the period. Deutsche Bank AG increased its stake in shares of 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 valued at $2,007,718,000 after purchasing an additional 14,960,086 shares during the period. Amundi increased its stake in shares of Bank of America by 3.7% in the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after purchasing an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of 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 valued at $1,333,351,000 after purchasing an additional 188,638 shares during the period. Finally, National Pension Service increased its stake in shares of 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 valued at $541,250,000 after purchasing an additional 300,944 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the completion of the transaction, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Bank of America Trading Up 4.3%

Bank of America stock opened at $52.26 on Thursday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The firm has a market cap of $387.06 billion, a price-to-earnings ratio of 15.28, a price-to-earnings-growth ratio of 1.94 and a beta of 1.33. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $52.88. The firm’s 50 day moving average price is $49.89 and its two-hundred day moving average price is $45.67.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.81 earnings per share. On average, research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America declared that its board has approved a share repurchase program on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.1%. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 32.75%.

Wall Street Analyst Weigh In

BAC has been the topic of several analyst reports. Seaport Global Securities raised their price target on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Phillip Securities cut Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Wells Fargo & Company upped their target price on Bank of America from $56.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Hsbc Global Res cut Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Finally, Morgan Stanley lifted their price target on Bank of America from $50.00 to $66.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Twenty-one equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.64.

Bank of America Company 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.