Lmcg Investments LLC Boosts Stake in Bank of America Co. (NYSE:BAC)

Lmcg Investments LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 3.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 282,037 shares of the financial services provider’s stock after acquiring an additional 8,731 shares during the quarter. Lmcg Investments LLC’s holdings in Bank of America were worth $11,217,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Delos Wealth Advisors LLC increased its position in shares of Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after buying an additional 547 shares in the last quarter. Livelsberger Financial Advisory acquired a new position in Bank of America in the 4th quarter valued at $28,000. POM Investment Strategies LLC lifted its stake in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the period. Bbjs Financial Advisors LLC acquired a new stake in shares of Bank of America during the second quarter worth $30,000. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America in the first quarter valued at $33,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock opened at $39.10 on Tuesday. The firm has a fifty day simple moving average of $40.11 and a 200-day simple moving average of $38.77. The company has a market capitalization of $305.78 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted 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. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the prior year, the company posted $0.88 EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Equities research analysts anticipate that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.66%. Bank of America’s payout ratio is currently 35.99%.

Bank of America announced that its Board of Directors has authorized a share buyback 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 purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have issued reports on BAC shares. Evercore ISI raised their price target on Bank of America from $43.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Cfra reaffirmed a “sell” rating and set a $39.00 price target on shares of Bank of America in a research note on Tuesday, July 16th. Morgan Stanley boosted 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 note on Tuesday, July 30th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $48.00 target price (up from $46.00) on shares of Bank of America in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $42.22.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were 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 owns 10,907 shares of the company’s stock, valued at $402,577.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Bernard A. Mensah sold 92,000 shares of the stock in a transaction dated 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 transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value 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 disclosure for this sale can be found here. Insiders have sold a total of 114,391,986 shares of company stock valued at $4,719,796,383 in the last three months. Corporate insiders own 0.29% of the company’s stock.

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.