Bank of America Corporation $BAC Shares Purchased by Mn Services Vermogensbeheer B.V.

Key Points

• Mn Services Vermogensbeheer B.V. increased its holdings in Bank of America by 2.6% during the 2nd quarter, owning 1,386,000 shares valued at $65.6 million as of the latest SEC filing.
• Bank of America recently announced a quarterly dividend increase from $0.26 to $0.28 per share, representing a 2.2% yield.
• Oppenheimer and Morgan Stanley raised their price targets for Bank of America shares, with target prices now set at $57.00 and $49.00 respectively, reflecting ongoing favorable analyst sentiment.

Mn Services Vermogensbeheer B.V. raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 2.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,386,000 shares of the financial services provider's stock after acquiring an additional 34,800 shares during the quarter. Mn Services Vermogensbeheer B.V.'s holdings in Bank of America were worth $65,586,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Nicholas Hoffman & Company LLC. increased its holdings 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 valued at $2,589,000 after acquiring an additional 33,963 shares in the last quarter. Gradient Investments LLC increased its holdings in Bank of America by 7.8% during the 1st 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. purchased a new position in Bank of America during the 1st quarter valued at about $998,000. Alpha Cubed Investments LLC increased its holdings in Bank of America by 37.2% during the 1st 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 increased its holdings in Bank of America by 170.5% during the 1st 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 currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on BAC. Oppenheimer raised their target price on shares of Bank of America from $55.00 to $57.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Morgan Stanley lifted their price target on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. Wall Street Zen upgraded shares of Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Truist Financial lifted their price target on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, Baird R W downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a report on Friday, June 27th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.61.

Bank of America Trading Up 1.4%

NYSE BAC opened at $51.36 on Thursday. The company's fifty day simple moving average is $48.33 and its 200-day simple moving average is $44.40. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $51.63. 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 stock has a market cap of $380.42 billion, a P/E ratio of 15.02, a PEG ratio of 1.97 and a beta of 1.34.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. During the same period in the previous year, the company posted $0.83 earnings per share. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. Equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be issued a $0.28 dividend. 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 currently 32.75%.

Bank of America announced that its board has initiated a stock repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the company's stock in a transaction on 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 sale, the insider directly owned 223,407 shares of the company's stock, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.30% of the stock is owned by corporate insiders.

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.

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