4,458 Shares in Bank of America Corporation $BAC Bought by MRA Advisory Group

MRA Advisory Group acquired a new position in shares of Bank of America Corporation (NYSE:BAC) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 4,458 shares of the financial services provider’s stock, valued at approximately $211,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Nova Wealth Management Inc. raised 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 worth $25,000 after purchasing an additional 227 shares during the last quarter. Vega Investment Solutions acquired a new position in Bank of America during the fourth quarter worth $30,000. Spurstone Advisory Services LLC acquired a new position in Bank of America during the fourth quarter worth $34,000. Wood Tarver Financial Group LLC acquired a new position in Bank of America during the fourth quarter worth $38,000. Finally, Mascagni Wealth Management Inc. acquired a new position in Bank of America during the fourth quarter worth $40,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated 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. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.30% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $50.60 on Monday. The company has a market cap of $374.79 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $50.96. The business has a fifty day simple moving average of $48.13 and a 200-day simple moving average of $44.28.

Bank of America (NYSE:BAC) last announced 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. The business had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.83 earnings per share. Equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has initiated a share buyback plan 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 plans are usually an indication that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

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

Analyst Ratings Changes

Several equities analysts have weighed in on BAC shares. Hsbc Global Res downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Phillip Securities downgraded Bank of America from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, July 25th. HSBC downgraded Bank of America from a “buy” rating to a “hold” rating and raised their price target for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Finally, Citigroup raised their price target on Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, June 26th. Sixteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $50.39.

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.