Mesirow Financial Investment Management Inc. Has $38.94 Million Position in Bank of America Corporation $BAC

Mesirow Financial Investment Management Inc. trimmed its stake in shares of Bank of America Corporation (NYSE:BAC) by 0.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 822,903 shares of the financial services provider’s stock after selling 4,505 shares during the quarter. Bank of America makes up about 0.8% of Mesirow Financial Investment Management Inc.’s portfolio, making the stock its 28th largest holding. Mesirow Financial Investment Management Inc.’s holdings in Bank of America were worth $38,940,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in BAC. Nova Wealth Management Inc. lifted its stake in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Quaker Wealth Management LLC lifted its stake in shares of Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 880 shares during the last quarter. RMG Wealth Management LLC bought a new position in shares of Bank of America in the 2nd quarter valued at $28,000. CGC Financial Services LLC lifted its stake in shares of Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the last quarter. Finally, Acima Private Wealth LLC bought a new position in shares of Bank of America in the 2nd quarter valued at $33,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 0.8%

NYSE:BAC opened at $52.98 on Friday. The firm’s fifty day moving average is $50.95 and its 200-day moving average is $46.84. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $53.44. The firm has a market cap of $392.40 billion, a P/E ratio of 14.44, a P/E/G ratio of 1.99 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $28.09 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period last year, the business posted $0.81 EPS. The business’s revenue was up 10.8% compared to the same quarter last year. Equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its Board of Directors has authorized a share buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

Analyst Ratings Changes

BAC has been the subject of a number of research reports. Argus increased their price target on Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. Wells Fargo & Company upped their price target on shares of Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday. JPMorgan Chase & Co. upped their price target on shares of Bank of America from $51.00 to $55.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. Finally, The Goldman Sachs Group decreased their price target on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research report on Monday. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $57.45.

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.