Bank of America Corporation $BAC Holdings Boosted by MBL Wealth LLC

MBL Wealth LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 23,708 shares of the financial services provider’s stock after purchasing an additional 366 shares during the period. MBL Wealth LLC’s holdings in Bank of America were worth $1,122,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Nova Wealth Management Inc. boosted its stake in shares of Bank of America by 75.2% during the 2nd 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 period. Cloud Capital Management LLC bought a new position in shares of Bank of America during the 1st quarter valued at $40,000. Perkins Coie Trust Co raised its holdings in shares of Bank of America by 67.8% during the 1st quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 423 shares in the last quarter. Cranbrook Wealth Management LLC raised its holdings in shares of Bank of America by 41.2% during the 1st quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 306 shares in the last quarter. Finally, HighMark Wealth Management LLC raised its holdings in shares of Bank of America by 233.6% during the 1st quarter. HighMark Wealth Management LLC now owns 1,061 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 743 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the company’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 transaction of $6,762,177.87. Following the transaction, the insider directly owned 223,407 shares in the company, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.30% of the company’s stock.

Bank of America Price Performance

NYSE:BAC opened at $50.63 on Friday. The firm has a market cap of $374.98 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company’s 50-day moving average price is $49.37 and its two-hundred day moving average price is $45.28.

Bank of America (NYSE:BAC) last released its quarterly earnings results 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. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same period in the previous year, the business earned $0.83 earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board 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 shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were given a dividend of $0.28 per share. The ex-dividend date was Friday, September 5th. This is a positive change 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 2.2%. Bank of America’s dividend payout ratio (DPR) is currently 32.75%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent research reports. Citigroup raised their price target on shares of Bank of America from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, September 19th. Weiss Ratings restated a “buy (b-)” rating on shares of Bank of America in a report on Saturday, September 27th. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. The Goldman Sachs Group lifted their target price on shares of Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Friday. Finally, Truist Financial lifted their target price on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Nineteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $53.38.

Bank of America 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.