Mackenzie Financial Corp Purchases 215,639 Shares of Bank of America Corporation $BAC

Mackenzie Financial Corp lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 6.5% during the second quarter, Holdings Channel reports. The firm owned 3,557,277 shares of the financial services provider’s stock after acquiring an additional 215,639 shares during the period. Mackenzie Financial Corp’s holdings in Bank of America were worth $168,330,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Quaker Wealth Management LLC raised its position in shares of Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the period. Nova Wealth Management Inc. grew its stake in Bank of America by 75.2% in 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 in the last quarter. RMG Wealth Management LLC purchased a new position in Bank of America in the 2nd quarter valued at approximately $28,000. CGC Financial Services LLC raised its holdings in Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the period. Finally, Acima Private Wealth LLC purchased a new stake in Bank of America during the 2nd quarter worth about $33,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Citigroup increased their price objective on Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Piper Sandler increased their price target on shares of Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, October 16th. Seaport Global Securities lifted their price target 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. The Goldman Sachs Group lowered their price objective on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday, October 27th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price 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. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $57.77.

Bank of America Price Performance

Shares of Bank of America stock opened at $53.70 on Friday. The business has a 50 day moving average of $51.90 and a 200 day moving average of $48.76. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $54.69. The company has a market cap of $392.11 billion, a PE ratio of 14.63, a P/E/G 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.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating 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 business had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the previous year, the firm earned $0.81 EPS. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company 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. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is presently 30.52%.

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.