12 hours Ago By Defense World Staff
MRP Capital Investments LLC reduced its stake in shares of Bank of America Co. ( NYSE:BAC – Free Report ) by 22.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission.
The institutional investor owned 18,550 shares of the financial services provider’s stock after selling 5,500 shares during the period. MRP Capital Investments LLC’s holdings in Bank of America were worth $738,000 as of its most recent SEC filing. Other hedge funds have also modified their holdings of the company.
McAdam LLC raised its holdings in Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 238 shares during the period.
BTC Capital Management Inc. increased its stake in shares of Bank of America by 1.2% in the second quarter.
BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after purchasing an additional 248 shares during the period. Central Bank & Trust Co.
lifted its position in shares of Bank of America by 15.1% during the 2nd quarter. Central Bank & Trust Co.
now owns 1,892 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 248 shares during the last quarter. SNS Financial Group LLC boosted its stake in Bank of America by 3.3% during the 2nd quarter.
SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 248 shares during the period. Finally, Verdence Capital Advisors LLC grew its holdings in Bank of America by 0.3% in the 2nd quarter.
Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock valued at $3,742,000 after buying an additional 251 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.
Bank of America Trading Up 0.2 % NYSE:BAC opened at $39.64 on Thursday.
The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.
09. The firm has a market capitalization of $309.96 billion, a price-to-earnings ratio of 13.
71, a PEG ratio of 1.40 and a beta of 1.33.
The business’s 50-day moving average price is $40.03 and its two-hundred day moving average price is $38.81.
Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $44.
44. Bank of America announced that its Board of Directors has approved a share buyback program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares.
This repurchase authorization allows the financial services provider to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
Bank of America Increases Dividend The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a $0.26 dividend.
The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.
62%. This is a positive change from Bank of America’s previous quarterly dividend of $0.24.
Bank of America’s payout ratio is presently 35.99%. Insider Activity In related news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the firm’s stock in a transaction on Monday, September 9th.
The shares were sold at an average price of $39.57, for a total transaction of $68,114,452.62.
Following the sale, the insider now directly owns 861,175,131 shares in the company, valued at $34,076,699,933.67. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink .
In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $39.57, for a total transaction of $68,114,452.
62. Following the completion of the transaction, the insider now owns 861,175,131 shares in the company, valued at approximately $34,076,699,933.67.
The transaction was disclosed in a filing with the SEC, which is available through the SEC website . Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction dated Monday, August 5th.
The shares were sold at an average price of $36.91, for a total value of $402,355.91.
Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. The disclosure for this sale can be found here .
Insiders sold 114,391,986 shares of company stock worth $4,719,796,383 over the last quarter. 0.29% of the stock is currently owned by company insiders.
Analysts Set New Price Targets BAC has been the subject of several research reports. Evercore ISI increased their price objective on Bank of America from $43.00 to $46.
00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Barclays raised their price target on shares of Bank of America from $43.00 to $49.
00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Jefferies Financial Group increased their price objective on shares of Bank of America from $39.00 to $41.
00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $37.00 to $42.
00 in a research report on Tuesday, July 9th. Finally, StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th.
One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $42.22.
View Our Latest Report on Bank of America Bank of America Profile ( Free Report ) 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. Featured Stories Five stocks we like better than Bank of America Ride Out The Recession With These Dividend Kings 3 Beaten-Down Stocks Ready for a Comeback How to Invest in Small Cap Stocks 3 Stocks to Neutralize Market Volatility and Build Wealth What Are Dividend Champions? How to Invest in the Champions How Much Can You Make in Stocks in One Month? Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.
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