Bank of America Corporation $BAC Position Boosted by Mufg Securities Americas Inc.

Mufg Securities Americas Inc. increased its position in Bank of America Corporation (NYSE:BAC) by 20.2% in the second quarter, Holdings Channel reports. The firm owned 157,109 shares of the financial services provider’s stock after purchasing an additional 26,373 shares during the quarter. Bank of America accounts for 0.6% of Mufg Securities Americas Inc.’s holdings, making the stock its 23rd biggest holding. Mufg Securities Americas Inc.’s holdings in Bank of America were worth $7,434,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Deutsche Bank AG grew its position in shares of Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. ABN AMRO Bank N.V. bought a new position in Bank of America during the second quarter worth $202,439,000. Unisphere Establishment lifted its stake in Bank of America by 1,642.5% during the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after purchasing an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in Bank of America in the second quarter worth $164,623,000. Finally, Maverick Capital Ltd. bought a new position in shares of Bank of America in the 1st quarter worth about $152,098,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC opened at $51.54 on Friday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $54.69. The stock has a market capitalization of $376.37 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 1.99 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock’s fifty day simple moving average is $51.76 and its 200 day simple moving average is $48.38.

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 $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter last year, the business posted $0.81 EPS. Bank of America’s revenue was up 10.8% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is currently 30.52%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Seaport Global Securities increased their price objective on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. UBS Group boosted their price target on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Wolfe Research boosted their target price on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Finally, Piper Sandler boosted their price objective on Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, October 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $57.77.

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.