May Hill Capital LLC Increases Stake in Bank of America Corporation $BAC

May Hill Capital LLC raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 4.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,297 shares of the financial services provider’s stock after buying an additional 323 shares during the period. May Hill Capital LLC’s holdings in Bank of America were worth $393,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Nova Wealth Management Inc. increased its holdings in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares during the last quarter. RMG Wealth Management LLC bought a new position in shares of Bank of America in the second quarter worth approximately $28,000. CGC Financial Services LLC boosted its position in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 521 shares during the period. Acima Private Wealth LLC bought a new position in shares of Bank of America in the second quarter worth approximately $33,000. Finally, Cloud Capital Management LLC bought a new position in shares of Bank of America in the first quarter worth approximately $40,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the stock in a transaction on 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 transaction, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by company insiders.

Bank of America Price Performance

Shares of NYSE:BAC opened at $52.98 on Tuesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a fifty day moving average price of $50.68 and a 200 day moving average price of $46.56. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $53.07. The firm has a market cap of $392.43 billion, a price-to-earnings 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 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 net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the prior year, the business earned $0.81 earnings per share. Bank of America’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

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

Bank of America Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Truist Financial upped their price target on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Royal Bank Of Canada upped their price target on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Citigroup upped their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Finally, Argus upped their price target on shares of Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $57.32.

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.