Bank of America Corporation $BAC Shares Bought by MBL Wealth LLC

MBL Wealth LLC lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 1.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,708 shares of the financial services provider’s stock after buying 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 and hedge funds have also made changes to their positions in the company. Nicholas Hoffman & Company LLC. boosted its position in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares during the period. Prosperity Wealth Management Inc. purchased a new stake in Bank of America during the 1st quarter worth $998,000. Alpha Cubed Investments LLC boosted its position in Bank of America by 37.2% in the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock valued at $2,714,000 after buying an additional 17,619 shares during the last quarter. International Assets Investment Management LLC boosted its position in Bank of America by 170.5% in the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock valued at $9,951,000 after buying an additional 150,299 shares during the last quarter. Finally, Commerce Bank boosted its position in Bank of America by 2.3% in the 1st quarter. Commerce Bank now owns 1,124,755 shares of the financial services provider’s stock valued at $46,936,000 after buying an additional 25,618 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of NYSE BAC opened at $50.63 on Friday. 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 firm’s 50-day moving average price is $49.37 and its two-hundred day moving average price is $45.28. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $52.88. The stock has a market capitalization of $374.98 billion, a P/E ratio of 14.80, a P/E/G ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate 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 company had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the business earned $0.83 earnings per share. Bank of America’s revenue was up 4.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Increases Dividend

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

Bank of America declared that its board has initiated a stock buyback program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BAC shares. Robert W. Baird reissued a “neutral” rating and issued a $52.00 price objective on shares of Bank of America in a research report on Friday, June 27th. Evercore ISI upped their price objective on shares of Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday. Royal Bank Of Canada upped their price objective on shares of Bank of America from $53.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday. Truist Financial upped their price objective on shares of Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Finally, Hsbc Global Res cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Nineteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.38.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm’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 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by corporate insiders.

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.