MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Purchases 61,792 Shares of Bank of America Corporation $BAC

Key Points

• MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its stake in Bank of America by 6.8%, acquiring an additional 61,792 shares, bringing its total to 965,998 shares valued at approximately $45.71 million.
• Bank of America recently declared a quarterly dividend of $0.28 per share, up from the previous $0.26, representing a 2.2% yield, with a payout ratio of 32.75%.
• The company also announced a $40 billion stock repurchase program, allowing it to buy back up to 11.1% of its shares, signaling confidence in its stock value.

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its position in Bank of America Corporation (NYSE:BAC - Free Report) by 6.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 965,998 shares of the financial services provider's stock after buying an additional 61,792 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH's holdings in Bank of America were worth $45,711,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Motive Wealth Advisors raised its holdings in shares of Bank of America by 17.9% during the second quarter. Motive Wealth Advisors now owns 5,705 shares of the financial services provider's stock valued at $270,000 after purchasing an additional 868 shares during the last quarter. Exeter Financial LLC raised its holdings in shares of Bank of America by 1.2% during the second quarter. Exeter Financial LLC now owns 67,162 shares of the financial services provider's stock valued at $3,178,000 after purchasing an additional 800 shares during the last quarter. Jeppson Wealth Management LLC raised its holdings in shares of Bank of America by 4.3% during the second quarter. Jeppson Wealth Management LLC now owns 55,465 shares of the financial services provider's stock valued at $2,625,000 after purchasing an additional 2,273 shares during the last quarter. LeConte Wealth Management LLC purchased a new position in shares of Bank of America during the second quarter valued at approximately $332,000. Finally, Sightline Wealth Advisors LLC purchased a new position in shares of Bank of America during the second quarter valued at approximately $228,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.1%

BAC stock opened at $51.67 on Thursday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $52.88. The firm's 50-day moving average is $48.87 and its 200 day moving average is $44.73. The company has a market capitalization of $382.69 billion, a PE ratio of 15.11, a P/E/G ratio of 2.01 and a beta of 1.34.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company's revenue was up 4.3% compared to the same quarter last year. During the same period last year, the business earned $0.83 EPS. On average, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current 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 represents a $1.12 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, September 5th. This is a boost from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is presently 32.75%.

Bank of America announced that its Board of Directors has initiated a stock repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. HSBC cut shares of Bank of America from a "buy" rating to a "hold" rating and boosted their price objective for the company from $47.00 to $51.00 in a report on Monday, July 7th. The Goldman Sachs Group upped their target price on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Oppenheimer reduced their target price on shares of Bank of America from $57.00 to $56.00 and set an "outperform" rating for the company in a report on Tuesday. Wall Street Zen raised shares of Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Finally, Citigroup upped their target price on shares of Bank of America from $54.00 to $58.00 and gave the company a "buy" rating in a report on Friday, September 19th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.92.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction on Friday, August 1st. The shares were sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the sale, the insider owned 223,407 shares of the company's stock, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.30% of the company's stock.

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.

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