Mutual of America Capital Management LLC Sells 18,538 Shares of Bank of America Corporation $BAC

Key Points

• Mutual of America Capital Management LLC reduced its stake in Bank of America by 2.4%, selling 18,538 shares, which brings its total holdings to 751,503 shares worth approximately $35.6 million.
• Several institutional investors have increased their stakes in Bank of America, including CGC Financial Services LLC with a 585.4% increase during the second quarter.
• Bank of America recently reported quarterly earnings of $1.06 per share, exceeding estimates, and was upgraded by multiple analysts, indicating a strong market performance with a target price increase from $56 to $60.

Mutual of America Capital Management LLC reduced its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 2.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 751,503 shares of the financial services provider's stock after selling 18,538 shares during the period. Bank of America accounts for approximately 0.4% of Mutual of America Capital Management LLC's portfolio, making the stock its 26th biggest holding. Mutual of America Capital Management LLC's holdings in Bank of America were worth $35,561,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Nova Wealth Management Inc. increased its stake in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock worth $25,000 after purchasing an additional 227 shares during the period. RMG Wealth Management LLC bought a new position in shares of Bank of America in the second quarter worth about $28,000. CGC Financial Services LLC increased its stake in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider's stock worth $29,000 after purchasing an additional 521 shares during the period. Acima Private Wealth LLC bought a new position in shares of Bank of America in the second quarter worth about $33,000. Finally, Cloud Capital Management LLC bought a new position in shares of Bank of America in the first quarter worth about $40,000. 70.71% of the stock is currently owned by institutional investors.

Insider Activity

In other 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 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Oppenheimer lifted their target price on Bank of America from $56.00 to $57.00 and gave the stock an "outperform" rating in a research report on Thursday. Hsbc Global Res cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Bank of America in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Bank of America from a "sell" rating to a "hold" rating in a research report on Sunday. Finally, Wells Fargo & Company boosted their price objective on shares of Bank of America from $56.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 16th. Twenty-one research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $57.29.

Bank of America Stock Performance

Shares of Bank of America stock opened at $51.28 on Friday. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $52.88. The stock has a market capitalization of $379.83 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 1.96 and a beta of 1.33. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a fifty day moving average of $50.11 and a two-hundred day moving average of $45.82.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the previous year, the business earned $0.81 EPS. The firm's revenue was up 10.8% on a year-over-year basis. As a group, equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has initiated a stock repurchase 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 buy up to 11.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a $0.28 dividend. This is a positive change from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. Bank of America's dividend payout ratio (DPR) is presently 30.52%.

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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