Migdal Insurance & Financial Holdings Ltd. Has $34.56 Million Holdings in Bank of America Corporation $BAC

Migdal Insurance & Financial Holdings Ltd. grew its holdings in Bank of America Corporation (NYSE:BAC) by 0.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 730,308 shares of the financial services provider’s stock after purchasing an additional 308 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Bank of America were worth $34,558,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Deutsche Bank AG grew its stake in shares of Bank of America by 45.1% in 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 buying an additional 14,960,086 shares in the last quarter. Unisphere Establishment grew its stake in shares of Bank of America by 1,642.5% in the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after buying an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new position in shares of Bank of America in the second quarter valued at $164,623,000. Maverick Capital Ltd. bought a new position in shares of Bank of America in the first quarter valued at $152,098,000. Finally, AMF Tjanstepension AB grew its stake in shares of Bank of America by 62.9% in the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after buying an additional 3,438,876 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on BAC shares. Seaport Global Securities raised their target price on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Piper Sandler raised their target price on shares of Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. The Goldman Sachs Group decreased their target price on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research note on Monday. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Bank of America from $51.00 to $55.00 and gave the stock an “overweight” rating in a research report on Friday, October 10th. Twenty-three 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.27.

Insider Activity

In other news, insider James P. Demare sold 148,391 shares of the business’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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Bank of America Trading Down 0.3%

BAC stock opened at $52.85 on Wednesday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a fifty day moving average price of $50.77 and a two-hundred day moving average price of $46.68. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.28. The stock has a market cap of $391.42 billion, a price-to-earnings ratio of 14.40, a price-to-earnings-growth ratio of 2.01 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the previous year, the business posted $0.81 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. Equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is presently 30.52%.

Bank of America announced that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is 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.