MRA Advisory Group Has $255,000 Position in Bank of America Co. (NYSE:BAC)

MRA Advisory Group lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 19.9% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 6,416 shares of the financial services provider’s stock after buying an additional 1,067 shares during the quarter. MRA Advisory Group’s holdings in Bank of America were worth $255,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of BAC. Vanguard Group Inc. boosted its holdings in shares of Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after acquiring an additional 36,124,363 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after purchasing an additional 29,198,846 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after buying an additional 9,879,524 shares in the last quarter. AMF Tjanstepension AB increased its position in Bank of America by 959.6% during the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider’s stock worth $370,948,000 after buying an additional 8,447,091 shares during the period. Finally, Swedbank AB acquired a new stake in shares of Bank of America during the first quarter worth $261,923,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on BAC. Barclays upped their price target on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. BMO Capital Markets raised their target price on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Royal Bank of Canada increased their price target on Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Finally, Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $37.00 to $42.00 in a research note on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, eight have given 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.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.27.

Insider Activity at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the transaction, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. The disclosure for this sale can be found here. In the last three months, insiders sold 147,650,481 shares of company stock valued at $6,050,547,676. 0.29% of the stock is owned by insiders.

Bank of America Stock Performance

Shares of BAC opened at $39.24 on Friday. The stock has a 50-day moving average of $39.39 and a 200-day moving average of $39.10. The company has a market cap of $306.87 billion, a PE ratio of 13.58, a P/E/G ratio of 1.37 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $44.44.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $25.38 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the firm earned $0.88 earnings per share. On average, equities research analysts predict that Bank of America Co. will post 3.28 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.65%. This is an increase from Bank of America’s previous quarterly dividend of $0.24. Bank of America’s dividend payout ratio is 35.99%.

Bank of America announced that its Board of Directors has initiated a share buyback plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in outstanding 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 generally a sign that the company’s board believes its stock is undervalued.

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.