Lmcg Investments LLC Raises Holdings in Bank of America Co. (NYSE:BAC)

Lmcg Investments LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 3.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 282,037 shares of the financial services provider’s stock after purchasing an additional 8,731 shares during the quarter. Lmcg Investments LLC’s holdings in Bank of America were worth $11,217,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. McAdam LLC lifted its position in Bank of America by 2.1% in the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after buying an additional 238 shares during the last quarter. BTC Capital Management Inc. lifted its holdings in shares of Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after acquiring an additional 248 shares during the last quarter. Central Bank & Trust Co. boosted its position in shares of Bank of America by 15.1% during the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 248 shares during the period. SNS Financial Group LLC raised its position in Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 248 shares during the period. Finally, Verdence Capital Advisors LLC lifted its stake in Bank of America by 0.3% during the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after purchasing an additional 251 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BAC. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. Barclays boosted their price target on shares of Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Jefferies Financial Group raised their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Seaport Res Ptn raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $42.22.

Insider Buying and Selling

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $39.57, for a total value of $68,114,452.62. Following the completion of the sale, the insider now owns 861,175,131 shares in the company, valued at $34,076,699,933.67. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares of the company’s stock, valued at $3,824,063.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 1,721,366 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $39.57, for a total value of $68,114,452.62. Following the sale, the insider now directly owns 861,175,131 shares of the company’s stock, valued at $34,076,699,933.67. The disclosure for this sale can be found here. Insiders have sold 114,391,986 shares of company stock worth $4,719,796,383 in the last quarter. 0.29% of the stock is owned by insiders.

Bank of America Stock Up 1.2 %

BAC stock opened at $39.10 on Tuesday. The stock has a market cap of $305.78 billion, a P/E ratio of 13.53, a PEG ratio of 1.40 and a beta of 1.33. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $44.44. The company’s 50 day moving average is $40.11 and its two-hundred day moving average is $38.77.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same period last year, the business earned $0.88 EPS. Bank of America’s revenue for the quarter was up .7% compared to the same quarter last year. Research analysts expect that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a $0.26 dividend. The ex-dividend date is Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.66%. Bank of America’s dividend payout ratio is 35.99%.

Bank of America declared that its Board of Directors has approved a share buyback program on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

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.