MCF Advisors LLC Increases Holdings in Bank of America Corporation $BAC

MCF Advisors LLC lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 6.1% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 26,268 shares of the financial services provider’s stock after purchasing an additional 1,509 shares during the quarter. MCF Advisors LLC’s holdings in Bank of America were worth $1,243,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Nicholas Hoffman & Company LLC. grew its position in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after acquiring an additional 33,963 shares during the last quarter. Gradient Investments LLC raised its holdings in shares of Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after acquiring an additional 50,296 shares in the last quarter. Prosperity Wealth Management Inc. bought a new position in shares of Bank of America during the first quarter valued at approximately $998,000. Alpha Cubed Investments LLC raised its holdings in shares of Bank of America by 37.2% during the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock valued at $2,714,000 after acquiring an additional 17,619 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Bank of America by 170.5% during the first quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock valued at $9,951,000 after acquiring an additional 150,299 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Bank of America

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Bank of America Stock Down 0.4%

Bank of America stock opened at $52.03 on Tuesday. The stock has a market cap of $385.39 billion, a PE ratio of 15.21, a price-to-earnings-growth ratio of 2.03 and a beta of 1.34. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America Corporation has a one year low of $33.06 and a one year high of $52.66. The stock has a fifty day moving average of $48.65 and a 200 day moving average of $44.63.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.Bank of America’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.83 earnings per share. As a group, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its board has initiated a stock buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board 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 26th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.28 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, September 5th. Bank of America’s dividend payout ratio is presently 32.75%.

Analysts Set New Price Targets

BAC has been the subject of a number of recent analyst reports. Truist Financial upped their target price on Bank of America from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. Morgan Stanley lifted their price target on Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a research report on Monday, June 23rd. Robert W. Baird restated a “neutral” rating and set a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Wells Fargo & Company lifted their price target on Bank of America from $56.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Finally, Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Sixteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.82.

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.