Bank of America Corporation (NYSE:BAC) Shares Sold by MGO One Seven LLC

Key Points

• MGO One Seven LLC has reduced its stake in Bank of America by 9.3%, now holding 100,114 shares after selling 10,205 shares, valued at approximately $4,178,000.
• Bank of America has announced a $40 billion stock repurchase plan, allowing it to buy up to 11.1% of its stock, indicating the board's belief that the stock is undervalued.
• The firm has increased its quarterly dividend from $0.26 to $0.28, representing a 2.4% yield, with a dividend payout ratio of 30.41%.

MGO One Seven LLC lessened its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 9.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 100,114 shares of the financial services provider's stock after selling 10,205 shares during the period. MGO One Seven LLC's holdings in Bank of America were worth $4,178,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Brighton Jones LLC increased its holdings in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after purchasing an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG lifted its position in Bank of America by 35.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after purchasing an additional 226,246 shares during the period. Nicolet Advisory Services LLC boosted its stake in shares of Bank of America by 3.9% in the 4th quarter. Nicolet Advisory Services LLC now owns 31,984 shares of the financial services provider's stock valued at $1,443,000 after purchasing an additional 1,202 shares in the last quarter. Westpac Banking Corp increased its position in shares of Bank of America by 14.0% during the 4th quarter. Westpac Banking Corp now owns 283,289 shares of the financial services provider's stock worth $12,451,000 after purchasing an additional 34,826 shares in the last quarter. Finally, World Investment Advisors increased its position in shares of Bank of America by 17.4% during the 4th quarter. World Investment Advisors now owns 137,308 shares of the financial services provider's stock worth $6,035,000 after purchasing an additional 20,357 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Down 3.4%

BAC stock traded down $1.62 on Friday, hitting $45.65. 52,302,841 shares of the company's stock were exchanged, compared to its average volume of 39,411,248. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $49.31. The firm has a 50 day moving average price of $46.27 and a two-hundred day moving average price of $43.81. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. The stock has a market cap of $343.83 billion, a P/E ratio of 13.35, a price-to-earnings-growth ratio of 1.84 and a beta of 1.31.

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

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio is 30.41%.

Bank of America announced that its board has approved a share buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BAC shares. Truist Financial raised their target price on Bank of America from $51.00 to $53.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Morgan Stanley lifted their price objective on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. The Goldman Sachs Group boosted their target price on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Hsbc Global Res lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Finally, Argus dropped their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and an average price target of $50.13.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business'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 completion of the transaction, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.30% of the stock is owned by insiders.

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.