Massachusetts Financial Services Co. MA Has $610.23 Million Position in Bank of America Corporation $BAC

Massachusetts Financial Services Co. MA cut its stake in Bank of America Corporation (NYSE:BAC) by 10.0% in the second quarter, HoldingsChannel.com reports. The fund owned 12,895,738 shares of the financial services provider’s stock after selling 1,426,832 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Bank of America were worth $610,226,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Boston Common Asset Management LLC grew its stake in shares of Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after acquiring an additional 24,740 shares in the last quarter. Disciplined Investments LLC acquired a new position in Bank of America during the second quarter worth $217,000. Nicholas Hoffman & Company LLC. grew its position in Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC increased its stake in Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after buying an additional 439 shares during the last quarter. Finally, CCG Wealth Management LLC bought a new stake in Bank of America during the 2nd quarter worth about $287,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.6%

BAC stock opened at $52.57 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $383.88 billion, a PE ratio of 14.32, a PEG ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $54.69. The business’s 50 day simple moving average is $51.63 and its 200 day simple moving average is $48.05.

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

Bank of America declared that its Board of Directors has approved a stock buyback program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding 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 typically a sign that the company’s management believes its shares are undervalued.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BAC shares. Evercore ISI raised their price objective on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Sunday, October 19th. Barclays boosted their price target on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Truist Financial increased their price objective on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Finally, Morgan Stanley boosted their target price on shares of Bank of America from $67.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.86.

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.