Mosaic Financial Group LLC Sells 12,281 Shares of Bank of America Corporation $BAC

Key Points

• Mosaic Financial Group LLC reduced its stake in Bank of America by 34.5% in Q1, holding 23,328 shares valued at approximately $973,000.
• Bank of America announced a quarterly dividend increase to $0.28 per share, representing a yield of 2.3%, with the ex-dividend date set for September 5th.
• Seventeen investment analysts rate Bank of America as a "Buy," with a consensus target price of $50.13 for its stock.

Mosaic Financial Group LLC lowered its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 34.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,328 shares of the financial services provider's stock after selling 12,281 shares during the quarter. Mosaic Financial Group LLC's holdings in Bank of America were worth $973,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Deutsche Bank AG raised its position in Bank of America by 45.1% in the 1st 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 during the last quarter. Price T Rowe Associates Inc. MD raised its position in Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after buying an additional 11,691,451 shares during the last quarter. Northern Trust Corp raised its position in Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in Bank of America by 31.1% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 39,051,595 shares of the financial services provider's stock valued at $1,716,318,000 after buying an additional 9,258,040 shares during the last quarter. Finally, Theleme Partners LLP acquired a new stake in Bank of America in the 4th quarter valued at approximately $263,449,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. The Goldman Sachs Group lifted their target price on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Morgan Stanley lifted their target price on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research report on Monday, June 23rd. Truist Financial boosted their price target on Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Finally, Phillip Securities lowered Bank of America from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, July 25th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus 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 stock was 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 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 through the SEC website. Corporate insiders own 0.30% of the company's stock.

Bank of America Stock Performance

Shares of NYSE BAC traded up $1.2250 during midday trading on Friday, hitting $49.4850. 45,055,019 shares of the company's stock were exchanged, compared to its average volume of 32,182,988. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $49.66. The company's 50 day moving average price is $47.06 and its 200 day moving average price is $43.86. The firm has a market capitalization of $366.53 billion, a PE ratio of 14.47, a price-to-earnings-growth ratio of 1.87 and a beta of 1.31.

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

Bank of America Increases Dividend

The firm also recently announced 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. The ex-dividend date is Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.3%. This is an increase from Bank of America's previous quarterly dividend of $0.26. Bank of America's dividend payout ratio is presently 30.41%.

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

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.