Mill Creek Capital Advisors LLC Has $353,000 Stock Holdings in Bank of America Co. (NYSE:BAC)

Mill Creek Capital Advisors LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 10.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,883 shares of the financial services provider’s stock after acquiring an additional 827 shares during the quarter. Mill Creek Capital Advisors LLC’s holdings in Bank of America were worth $353,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. McAdam LLC increased its stake 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 valued at $455,000 after buying an additional 238 shares during the last quarter. BTC Capital Management Inc. increased its position 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 valued at $805,000 after acquiring an additional 248 shares during the last quarter. Central Bank & Trust Co. raised its holdings in Bank of America by 15.1% during the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 248 shares in the last quarter. SNS Financial Group LLC boosted its position in Bank of America by 3.3% during the second 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 last quarter. Finally, Verdence Capital Advisors LLC grew its stake in Bank of America by 0.3% in the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock valued at $3,742,000 after purchasing an additional 251 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 4,941,403 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $39.94, for a total value of $197,359,635.82. Following the sale, the insider now directly owns 820,719,071 shares of the company’s stock, valued at $32,779,519,695.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Berkshire Hathaway Inc sold 4,941,403 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $39.94, for a total value of $197,359,635.82. Following the completion of the transaction, the insider now owns 820,719,071 shares of the company’s stock, valued at $32,779,519,695.74. The disclosure for this sale can be found here. In the last quarter, insiders sold 134,722,127 shares of company stock valued at $5,539,949,341. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of several recent analyst reports. Barclays increased their price objective on Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Morgan Stanley lifted their price objective on shares of Bank of America from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $48.00 price target (up previously from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. 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 given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

Bank of America Stock Down 1.1 %

BAC stock opened at $39.45 on Wednesday. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $44.44. The business has a 50-day simple moving average of $39.85 and a 200 day simple moving average of $38.97. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market cap of $306.12 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 1.37 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.88 EPS. Sell-side analysts anticipate that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America declared that its board has approved a stock repurchase plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date is Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

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.