Bank of America Corporation $BAC Shares Purchased by M3 Advisory Group LLC

M3 Advisory Group LLC grew its stake in shares of Bank of America Corporation (NYSE:BAC) by 5.3% during the second quarter, HoldingsChannel reports. The firm owned 15,056 shares of the financial services provider’s stock after buying an additional 762 shares during the period. M3 Advisory Group LLC’s holdings in Bank of America were worth $712,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its position in Bank of America by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock worth $2,521,218,000 after acquiring an additional 803,570 shares in the last quarter. Deutsche Bank AG raised its stake in shares of Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares during the period. Amundi lifted its position in shares of Bank of America by 3.7% during the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after purchasing an additional 1,413,313 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Bank of America by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after purchasing an additional 188,638 shares in the last quarter. Finally, National Pension Service boosted its stake in shares of Bank of America by 2.4% in the first quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock valued at $541,250,000 after purchasing an additional 300,944 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several analyst reports. Daiwa Capital Markets lifted their price target on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. JPMorgan Chase & Co. lifted their target price on Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a research report on Friday. Evercore ISI increased their price target on Bank of America from $49.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Phillip Securities downgraded Bank of America from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, July 25th. Finally, Truist Financial increased their target price on Bank of America from $51.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Twenty-one equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.64.

Insiders Place Their Bets

In other Bank of America news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares of the company’s stock, valued at $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by company insiders.

Bank of America Price Performance

Shares of BAC opened at $48.62 on Monday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The firm has a market cap of $360.12 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 1.89 and a beta of 1.33. The stock has a 50 day moving average of $49.61 and a 200-day moving average of $45.54.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million for 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%.The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period last year, the business posted $0.83 earnings per share. As a group, analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is currently 32.75%.

Bank of America announced that its Board of Directors has authorized a share repurchase program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

About Bank of America

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.