Private Management Group Inc. Purchases 70,644 Shares of Bank of America Corporation $BAC

Private Management Group Inc. increased its position in Bank of America Corporation (NYSE:BAC) by 551.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 83,450 shares of the financial services provider’s stock after acquiring an additional 70,644 shares during the quarter. Private Management Group Inc.’s holdings in Bank of America were worth $3,949,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. AGP Franklin LLC increased its holdings in Bank of America by 2.2% during the 2nd quarter. AGP Franklin LLC now owns 41,024 shares of the financial services provider’s stock worth $1,941,000 after acquiring an additional 890 shares during the period. Cowa LLC boosted its holdings in Bank of America by 0.8% in the 2nd quarter. Cowa LLC now owns 30,278 shares of the financial services provider’s stock valued at $1,433,000 after purchasing an additional 248 shares during the period. Mufg Securities Americas Inc. grew its position in shares of Bank of America by 20.2% during the 2nd quarter. Mufg Securities Americas Inc. now owns 157,109 shares of the financial services provider’s stock valued at $7,434,000 after purchasing an additional 26,373 shares in the last quarter. Evelyn Partners Investment Management Services Ltd grew its position in shares of Bank of America by 20,007.2% during the 2nd quarter. Evelyn Partners Investment Management Services Ltd now owns 50,268 shares of the financial services provider’s stock valued at $2,295,000 after purchasing an additional 50,018 shares in the last quarter. Finally, Evelyn Partners Investment Management LLP increased its holdings in shares of Bank of America by 211,619.2% in the second quarter. Evelyn Partners Investment Management LLP now owns 529,298 shares of the financial services provider’s stock worth $24,268,000 after purchasing an additional 529,048 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BAC has been the subject of several research analyst reports. Phillip Securities lifted their price objective on Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Piper Sandler raised their price target on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, October 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. HSBC increased their price objective on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Finally, Citigroup upped their target price on Bank of America from $58.00 to $62.00 and gave the stock a “buy” 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 stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $57.77.

Bank of America Price Performance

BAC opened at $51.54 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock’s 50 day simple moving average is $51.76 and its 200 day simple moving average is $48.43. The firm has a market cap of $376.37 billion, a price-to-earnings ratio of 14.04, 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.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Bank of America Company 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.