MGO One Seven LLC raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 101,392 shares of the financial services provider’s stock after acquiring an additional 1,278 shares during the quarter. MGO One Seven LLC’s holdings in Bank of America were worth $4,798,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Boston Common Asset Management LLC grew its stake in shares of Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after acquiring an additional 24,740 shares in the last quarter. Nicholas Hoffman & Company LLC. grew its stake in shares of Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after buying an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC grew its stake in shares of Bank of America by 7.3% in the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after buying an additional 439 shares in the last quarter. CCG Wealth Management LLC bought a new position in shares of Bank of America in the second quarter valued at $287,000. Finally, Community Financial Services Group LLC grew its stake in shares of Bank of America by 3.5% in the second quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider’s stock valued at $8,000,000 after buying an additional 5,787 shares in the last quarter. 70.71% of the stock is owned by institutional investors.
Insider Buying and Selling at Bank of America
In other news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The stock was 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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company’s stock.
Bank of America Trading Up 0.4%
Bank of America (NYSE:BAC – Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The company had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter last year, the firm earned $0.83 earnings per share. The company’s revenue was up 4.3% on a year-over-year basis. Equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.
Bank of America announced that its board has authorized a share buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
Bank of America Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s payout ratio is 32.75%.
Analyst Ratings Changes
Several research firms recently weighed in on BAC. HSBC raised their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Daiwa Capital Markets raised their target price on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Seaport Global Securities raised their target price 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. Wells Fargo & Company raised their target price on shares of Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Finally, Evercore ISI raised their target price on shares of Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Twenty-one 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.64.
Check Out Our Latest Research Report on Bank of America
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.
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